Netflix is revising its $72 billion offer for Warner Bros. Discovery to make it an all-cash transaction.
Netflix initially put forth a cash and stock deal valued at $27.75 per Warner Bros. share, giving it a total enterprise value of $82.7 billion, including debt.
Netflix and Warner Bros. said Tuesday that the revised deal simplifies the transaction structure, provides more certainty of value for Warner Bros. stockholders and speeds up the path to a Warner Bros. shareholder vote.
The companies said that the all-cash transaction is still valued at $27.75 per Warner Bros. share. Warner Bros. stockholders will also receive the additional value of shares of Discovery Global following its separation from Warner Bros.
Both companies’ boards approved the amended all-cash deal.
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