Warner Bros. Discovery has accepted a new all-cash offer from Netflix on Tuesday, agreeing to sell its studios and streaming business for $27.75 a share as the companies move toward a shareholder vote in the face of a hostile bid from Paramount.
The revised agreement replaces Netflix’s earlier cash-and-stock offer and is expected to speed the deal toward a shareholder vote by April while blunting Paramount Skydance’s argument that its rival $77.9 billion bid is the only clean, all-cash option on the table.
The revised $72 billion deal also prompted WBD to release new financial disclosures on its soon-to-be spun-off cable networks, offering investors a clearer look at the business they would retain if the Netflix transaction closes.
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