Warner Bros. Discovery’s board of directors approved a new all-cash bid from Netflix for its studios and HBO Max streaming business and released financial details on its soon-to-be spun-off cable networks in a Tuesday regulatory filing.
Netflix’s all-cash offer of $27.75 per share replaces its previous offer of $23.25 in cash and $4.50 in Netflix common stock per share. The sweetened offer comes as rival bidder Paramount continues pushing its own all-cash offer for all of Warner Discovery. The value of Netflix’s offer remains $72 billion.
The companies said Tuesday they expect the new structure to enable Warner shareholders to vote on the deal by April.
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