LOS ANGELES: Netflix submitted an amended all-cash offer for Warner Bros Discovery’s studio and streaming businesses, winning the unanimous support from the HBO owner’s board without increasing the US$82.7 billion purchase price, according to a regulatory filing on Tuesday.
Under the revised merger agreement, Netflix would pay Warner Bros shareholders US$27.75 per share in cash for the film and television studios, the extensive library and its HBO Max streaming service, instead of a mix of cash and stock.
“The merger consideration is a fixed cash amount to be paid by an investment-grade company, providing (Warner Bros) stockholders with certainty of value and liquidity immediately upon closing the merger,” Warner Bros said in Tuesday’s regulatory filing.