Netflix switches its Warner Bros offer to all-cash deal to quell Paramount

Al JazeeraCenterEN 5 min read 100% complete by By ReutersJanuary 20, 2026 at 07:52 PM

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long article 5 min

Netflix has revised its offer to acquire Warner Bros Discovery's studio and streaming assets, switching to an all-cash deal of $82.7 billion ($27.75 a share) to counter Paramount Skydance's competing bid. The Warner Bros board unanimously supports the Netflix offer, aiming to expedite the stockholder vote, expected by April 2026. Both Netflix and Paramount are vying for Warner Bros' extensive content library and major franchises. Paramount has been actively promoting its bid, but Warner Bros has favored Netflix. While Netflix and Warner Bros shares saw a slight increase, Paramount's shares declined following the announcement. Despite the all-cash offer, some investors believe a bidding war could still emerge.

Key Entities & Roles

Key Player Opposition Context

Harris Oakmark 30% United States 35% Alex Fitch ×240% Larry Ellison 40% Donald Trump ×240% David Ellison ×250% Ted Sarandos 50% Paramount Skydance ×380% Warner Bros Discovery ×785% Netflix ×990%

Keywords

netflix 90% warner bros 90% m&a 80% stockholder vote 80% paramount skydance 80% content library 70% acquisition 70% film and television studios 60% bid war 60% bidding war 50%