BRUSSELS — Netflix revised its bid for Warner Bros. Discovery’s studio and streaming businesses into an all-cash offer valued at about $83 billion Wednesday as European Union antitrust officials prepared to scrutinize a rival proposal from Paramount Skydance. The cash-only structure, priced at $27.75 a share, is designed to speed a shareholder vote and sell the Netflix Warner Bros deal as a potential antidote to “subscription fatigue” for viewers paying for too many services, Jan. 21, 2026.
EU officials could end up reviewing the two bids on similar timelines, a rare head-to-head process that could shape the contest through the pace of clearance and any required concessions, Reuters reported, citing a Bloomberg News report. Any deal is also expected to face significant antitrust review in the United States and the United Kingdom.
Warner’s board has unanimously backed Netflix’s revised offer, while Paramount Skydance is pressing a tender offer for the entire company that values Warner Bros. Discovery at about $108 billion including debt. A special investor meeting to vote on the Netflix-Warner transaction could come by April, The Associated Press reported.
Why the Netflix Warner Bros deal moved to all cash
The all-cash pivot is meant to remove a moving target for Warner investors: Netflix’s share price. Under the earlier cash-and-stock structure, market swings could change the effective value of the package even if the per-share headline stayed constant, complicating the pitch to shareholders and regulators.
Netflix has also been forced to justify a blockbuster acquisition after years of emphasizing organic growth. Co-CEO Greg Peters told investors, “When we got into the hood, there were several things we saw that were just really exciting,” Reuters reported, as the company faced fresh questions about price, integration risk and what it means for Netflix’s strategy.
Deal watchers say the new structure is a bet that simplicity matters: cash is easier to value, easier to explain and, in theory, easier to finance cleanly. The Verge’s breakdown of the revised terms described the shift as a move to provide clearer value to Warner shareholders and streamline the path to a vote.
What the Netflix Warner Bros deal means for subscription fatigue
For consumers, the Netflix Warner Bros deal is being framed as a return to convenience: fewer apps, fewer passwords and a chance that a combined bundle could cost less than subscribing to Netflix and HBO Max separately. In a report focused on “subscription fatigue,” Reuters cited a Forbes Home survey saying Americans pay for an average of 2.9 streaming subscriptions and spend about $552 a year. The same report cited Bernstein estimates that 94% of HBO Max subscribers already have Netflix, a sign that overlapping customers may be the easiest audience to sell on a unified package.
But consumer relief is not guaranteed. New York City resident Nick LaFleur told Reuters that “the trajectory of streaming prices … seems to be going up and up,” even without a merger. Bill Baer, a Brookings Institution visiting fellow and former U.S. assistant attorney general for antitrust, warned that a combined giant could pressure the market for content and “likely would diminish both the number and the quality of programming,” Reuters reported.
How the Netflix Warner Bros deal became possible
The Netflix Warner Bros deal lands after years of industry reshuffling that left legacy media companies searching for scale in streaming. Warner Bros. Discovery was created when AT&T’s WarnerMedia and Discovery completed their merger in 2022, Reuters reported at the time. In 2025, the company announced plans to split studios and streaming from its fading cable networks, a move widely viewed as a precursor to more dealmaking, Reuters reported.
Now the next steps are procedural and political: whether Paramount extends or sweetens its offer, what regulators demand, and whether shareholders accept Netflix’s case that the Netflix Warner Bros deal will simplify the streaming landscape without handing one company too much pricing power.
