Overview
- Netflix revised its offer to $27.75 per WBD share in cash, valuing the studio and streaming assets at roughly $83 billion and excluding the planned Discovery Global cable unit.
- Warner Bros. Discovery’s board unanimously backed the updated terms and plans an extraordinary meeting, with a vote expected as soon as spring.
- Paramount Skydance remains a rival bidder with a reported $30-per-share proposal for the entire company and continues to pursue litigation, while Warner has questioned the solidity of Paramount’s financing.
- Netflix said it will fund the deal with cash, available credit lines and committed financing and has paused share buybacks as its shares slipped following the update.
- Alongside the bid revision, Netflix reported more than 325 million subscribers, about $12 billion in quarterly revenue and $2.42 billion in net income.