Netflix May Amend Warner Bros. Bid to Make It All Cash

Summary

Netflix is reportedly working on revised terms for its Warner Bros. Discovery acquisition, potentially making the offer all cash without changing the overall price. The move would replace the stock component and strengthen Netflix's bid against Paramount Skydance's all-cash offer. Warner Bros. Discovery shareholders are expected to vote on the deal in late spring or early summer. Paramount is continuing its tender offer and may challenge the process or propose an alternative board slate.

• Netflix may amend its Warner Bros. Discovery acquisition offer to all cash.
• The reported revision would not change the overall offer price.
• Netflix stock has fallen about 25% since the takeover battle began.
• Netflix's all-cash structure would compete with Paramount's all-cash bid.
• Paramount is continuing its tender offer and may oppose a shareholder vote.
• Warner Bros. Discovery shareholders could vote in late spring or early summer.
• WBD's annual meeting has historically been in early May.
• The deal process remains contested and event-driven.