Netflix is ​​adapting the Warner Bros. show. Discovery for all cash

Netflix She modified her offer to Warner Bros. Discovery The studio and its streaming assets for an all-cash offer, according to a Securities and Exchange Commission filing Tuesday.

Netflix now plans to pay $27.75 per WBD share in all cash to acquire WBD’s streaming platform HBO Max and its Warner Bros. film studio. The two companies initially reached an agreement in December, consisting of a mix of cash and stock with an equity value of $72 billion.

CNBC’s David Faber and other media outlets reported last week that Netflix was likely to make the adjustment Paramount Skydance It continues to turn up the heat in its aggressive bid to take over the entire WBD network, which also includes cable TV networks like CNN and TNT.

A change in the structure of the Netflix deal could allow WBD shareholders to raise their votes to approve the offer, Faber reported last week, citing sources familiar with the matter. Previously, shareholders were expected to vote on the deal in the spring or early summer.

WBD’s board of directors unanimously approved Netflix’s revised offer, according to Tuesday’s filing. The board has twice recommended that shareholders reject Paramount’s hostile bid for the Netflix deal.

Paramount recently filed a lawsuit seeking information in its hostile pursuit of WBD and also launched a proxy fight, informing WBD shareholders that it intends to nominate directors for election to the Warner Bros. board of directors. Discovery at the company’s 2026 annual meeting.

On Tuesday, WBD also filed a preliminary proxy statement seeking shareholder approval for its deal with Netflix. If the deal is approved, WBD’s cable television networks will be spun off into a new publicly traded entity known as Discovery Global.

Netflix reports earnings after the bell on Tuesday, and investors will be looking for more updates on the sale.