Warner Bros. Discovery has accepted Netflix’s all-cash $27.75 per share offer for its studios and streaming assets, moving the deal to a shareholder vote.

LOS ANGELES: Warner Bros. Discovery has officially agreed to an all-cash offer from Netflix worth $27.75 per share, confirming a major acquisition that reshapes the entertainment and streaming industries. The offer was unanimously approved by Warner Bros. Discovery’s board of directors and now advances to a shareholder vote expected in the coming months.

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The revised proposal from Netflix comes in response to a competing bid from Paramount Skydance, which had submitted a hostile offer to acquire Warner Bros. Discovery. Despite the competitive price from Paramount, Warner Bros. Discovery’s leadership opted for Netflix’s offer, citing higher financial clarity and a smoother completion process for shareholders.

The deal includes the acquisition of Warner Bros. film and television studios, the HBO Max streaming platform, and related content libraries. Warner Bros. Discovery will separate its Global Linear Networks unit, which will remain an independent publicly traded entity. Shareholders will receive direct compensation for the sold assets and continue to hold shares in the spun-off business.

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Industry analysts say the acquisition marks a turning point in the ongoing consolidation of the global media landscape. Netflix gains a deeper foothold in original production, iconic content libraries, and direct access to studio infrastructure that strengthens its long-term competitive position.

Warner Bros. Discovery has faced pressure in recent quarters due to rising costs, shifting viewer habits, and investor demands for restructuring. This strategic deal gives the company’s stakeholders both short-term value and a long-term restructuring opportunity.

Regulatory review is expected in the United States and European Union, with antitrust bodies set to examine potential impacts on competition in streaming and media sectors. Both companies have expressed confidence in gaining regulatory clearance.