The streaming giant said the move would give WBD shareholders greater certainty and allow a vote on the deal as early as April. The offer still values WBD at $27.75 per share, the same level as Netflix’s earlier cash-and-shares proposal, which already has the unanimous backing of WBD’s board.
Under the agreement, Netflix would acquire WBD’s studios and streaming assets, including Warner Bros and HBO, while WBD shareholders would also receive shares in a spun-off global networks business housing CNN, Cartoon Network and Discovery Channel.
Paramount Skydance is continuing to push a hostile $108.4bn cash bid for the entire company and has threatened a proxy fight to block the Netflix deal, though a Delaware judge recently dismissed a lawsuit it brought challenging the transaction.
WBD’s board has urged investors to reject Paramount’s offer, arguing it carries significant financial risk. If WBD were to walk away from Netflix’s agreement, it would face a $2.8bn breakup fee.
Netflix said it was confident its revised proposal offered the best outcome for shareholders and would streamline the path to completion.
