The revised all-cash bid, priced at $27.75 a share, has unanimous backing from Warner Bros’ board, according to a regulatory filing released on Tuesday. Warner Bros, however, has rejected the David Ellison-led company’s approach. Paramount shares fell 1%, while Warner Bros shares were little changed. The new $27.75-per-share offer from Netflix replaces its earlier cash-and-stock bid for $23.25 in cash and $4.50 in Netflix 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.

Source: The Telegraph January 20, 2026 15:21 UTC