Netflix switches to all-cash offer in battle for Warner Bros Discovery

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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Netflix has sought to win over wavering Warner Bros Discovery shareholders with the promise of an amended all-cash offer for its studio and streaming businesses.

On Tuesday, WBD said that its board had unanimously backed the revised bid, which will pay its shareholders $27.75 per share in cash instead of a mixture of cash and stock. Netflix did not increase the $82.7bn offer price however.

The revised agreement will simplify the transaction structure, provide greater certainty of value for WBD stockholders and speed up the path to a stockholder vote, Netflix said in a statement.

This is a developing story