Netflix is reportedly revising its proposed acquisition terms for Warner Bros. Discovery's studios and streaming businesses, with discussions underway to shift the offer to an all-cash structure.
According to people familiar with the matter, Netflix Inc. is actively working on updated deal terms for its planned purchase of Warner Bros. Discovery Inc.'s key assets, including making the bid entirely in cash rather than the current mix of cash and stock.
Bloomberg reports this move comes amid a competitive bidding landscape. Netflix previously agreed in December 2025 to acquire the studios (Warner Bros. Pictures, HBO, DC, etc.) and streaming operations (Max/HBO Max) for $27.75 per share in a cash-and-stock deal valued at approximately $82.7 billion enterprise value, with the remaining WBD cable networks to spin off as Discovery Global.
Rival Paramount Skydance has pursued a hostile all-cash bid for the entire company at $30 per share (recently reaffirmed with backing including a personal guarantee from Larry Ellison), but WBD's board has repeatedly rejected it in favor of the Netflix agreement.
Netflix and Warner Bros. Discovery declined to comment on the reported revisions, while the original Netflix-WBD deal remains in place pending regulatory approvals and the planned Q3 2026 spin-off of Discovery Global. Shares of both companies rose modestly following the Bloomberg report on the potential all-cash adjustment.