According to an SEC filing on Tuesday, Netflix has changed its proposal for Warner Bros. Discovery’s studio and streaming assets to an all-cash offer.
Today’s filing read: “WBD and Netflix have agreed to revise the structure of their previously announced transaction to provide that the $27.75 per share merger consideration to be paid to WBD stockholders in the Merger (as defined below) will be paid entirely in cash, instead of a combination of cash and shares of Netflix common stock, subject to the terms and conditions of the Amended and Restated Merger Agreement.”
The amendment follows the agreement reached by the two companies in December, which included a mix of cash and stock, with a total equity value of $72 billion.
Netflix’s latest offer could allow WBD shareholders to move forward with their vote to approve it.
Today, WBD also submitted a preliminary proxy statement to obtain shareholder approval for its agreement with Netflix. If approved, WBD’s cable TV networks would be separated into a new, publicly traded company called Discovery Global.
Netflix stock rose over 3% following the announcement.
By CEO NA Editorial Staff
