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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