Netflix amends Warner Bros Discovery deal to all-cash offer
Netflix on Tuesday announced that it amended its deal to buy Warner Bros. Discovery's studios and HBO Max streaming business to an all-cash offer.
The deal is still priced at $27.75 per share, the same as before. The overall value of Netflix’s offer remains $72 billion.
Warner Bros. Discovery stockholders will receive additional value in the form of shares in Discovery Global once it splits off from the company. Netflix plans to pay for the deal using its existing cash, credit lines and financing it has already lined up.
"Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty at $27.75 per share in cash, plus the value from the planned separation of Discovery Global," said Ted Sarandos, Netflix's co-CEO.
This is a developing story. Check back for updates.