Netflix Switches Warner Bros. Deal to All-Cash $83 Billion; Shareholder Vote by April

• Netflix has upgraded its proposed acquisition of Warner Bros. Discovery's studios and HBO Max to an all-cash transaction.
• The revised deal values the assets at $27.75 per share, maintaining an enterprise value of $82.7 billion.
• The shift to an all-cash offer provides greater certainty for WBD stockholders and accelerates the shareholder vote to April 2026.
• Discovery Global, including CNN, TNT, and HBO Max, will be spun off before the acquisition, with its target net debt adjusted due to stronger cash flow.
• The overall transaction is expected to close within 12 to 18 months, subject to regulatory and WBD shareholder approvals.

Why It Matters: Netflix's all-cash offer for Warner Bros. Discovery assets simplifies the deal and ensures value for shareholders.