Warner Bros Board Backs Sale To Netflix

Warner Bros Discovery investors got word today, January 20, 2026, that the company’s board unanimously approved Netflix’s revised all-cash offer for WBD’s studio and streaming assets. Netflix is now offering $27.75 per share - all cash - with the overall bid described as $82.7 billion. The big change isn’t the headline number — it’s the structure. By going all-cash, Netflix is pitching "value certainty" and a faster route to a shareholder vote. Instead of having a vote late spring/early summer, a shareholder vote could be expected as early as late February.

The investor chessboard matters because WBD has a loud rival suitor. Paramount Skydance is pushing a $30-per-share cash bid for the whole company. Netflix’s proposal, meanwhile, is written in such a way as to let WBD shareholders retain a stake in the spun-off Discovery Global — a key difference in what investors would still own after the dust settles. So yes, it’s a bidding war, but it’s shareholders want to know "what exactly do I own when this is over?".

The all-cash structure is Netflix waving a big "less deal math, more deal certainty" flag —especially as the story heads toward catalyst territory. The rival tender offer was set to expire January 21, and the shareholder vote later this year is expected to be decisive. Meanwhile, Paramount’s efforts to force faster disclosures ran into a wall when a Delaware judge rejected a request to expedite those disclosures.

If you’re watching the tape, the question isn’t whether this is “exciting” (it is — it’s basically prestige TV for arbitrage desks). It’s whether Netflix’s cleaner structure and financing credibility can outweigh a higher headline price from a rival, and how regulators view another big swing at media consolidation. For investors, that’s the whole game - price, certainty, timing, and the ever-present risk that the referee decides to join the cast at the last minute.

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