Netflix announced on Tuesday that it was amending its $83 billion takeover deal for Warner Bros. Discovery (WB) to an all-cash deal, thus removing $4.50 in Netflix stock that had been a part of its initial winning offer. The move will likely pressure Paramount, which has been claiming that its $30 per share all-cash offer was superior.
"Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty," Netflix co-CEO Ted Sarandos said in a statement.
With the change, Netflix is now offering $27.75 per share in cash and leaving Discovery Global as a standalone business. The enhanced value of Discovery Global's shares after its split from WBD will likewise be distributed to WBD stockholders. A combination of available credit facilities, committed funding, and cash on hand will be used to finance the transaction.
https://breakingthenews.net/Article/Netflix-upgrades-Warner-Bros.-dollar83B-bid-to-all-cash/65509388
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