Netflix intensifies bid for Warner Bros making its $72 billion offer all cash

Associated Press (AP)CenterEN 4 min read 100% complete by By MICHELLE CHAPMAN and WYATTE GRANTHAM-PHILIPSJanuary 20, 2026 at 07:23 PM

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Netflix has intensified its bid for Warner Bros. Discovery by offering an all-cash deal valued at $72 billion. The revised agreement simplifies the structure of the transaction, providing more certainty for Warner stockholders and speeding up the path to a shareholder vote, which could occur as early as April. The deal is still valued at $27.75 per share, with Warner stockholders also receiving additional shares of Discovery Global, a separate public company that will result from the separation announced previously. Both Netflix and Warner leadership have approved the all-cash deal. This move comes after a previous cash and stock deal in December, which was valued at $82.7 billion. The bid is an attempt to win over Warner's shareholders and potentially thwart a hostile bid from Skydance-owned Paramount.

Key Entities & Roles

Key Player Opposition Context

Los Angeles 35% Skydance 40% Discovery Global 45% Ted Sarandos 60% Paramount ×265% David Zaslav ×270% Warner Bros. Discovery ×375% Warner Bros. ×885% Netflix ×990%

Keywords

warner bros 100% netflix 100% merger 90% all-cash offer 90% acquisition 80% streaming business 70% shareholders 60% david zaslav 50% paramount 50% hostile bid 40%