Netflix $NFLX ( ▲ 0.05% ) just turned up the heat in its fight for Warner Bros. Discovery $WBD ( ▲ 0.55% ) .
On Tuesday, Netflix amended its bid into an all-cash offer, applying more pressure on rival bidder Paramount Skydance $PSKY. Netflix shares moved slightly higher premarket, while Paramount and Warner Bros. were down less than 1%.
This doesn’t raise the headline value of Netflix’s offer (still $82.7B), but it changes the structure in the most important way.
Cash = certainty.
Why all-cash matters
In deals like this, the price isn’t the only thing that matters, the reliability does.
An all-cash proposal is usually seen as cleaner, faster, and harder to break, because there’s no stock math, no “valuation dispute,” no volatility risk.
So even though the total offer didn’t increase, Netflix made the deal feel more real.
Warner Bros.’ cable asset fight is still a mess
Warner Bros. also disclosed that it values Discovery Global, the spinoff of its cable assets, at $1.33 to $6.86 per share.
That’s a huge range.
And it directly clashes with Paramount’s stance from earlier this month, when it said the cable TV business was worth $0 per share.
So part of this battle is basically:
“How much is cable actually worth in 2026?”
Prediction markets swing further toward Netflix
Event contracts reacted quickly.
With this update, Paramount’s odds of ending up in control of WBD dropped to 14%, now even below the odds of “none” winning.
That tells you the market is starting to treat Netflix as the clear frontrunner.
What’s next
Netflix said shareholders will be able to vote on the deal in April.
So now it’s not just a bidding war, it’s a clock.
And Netflix just made sure it’s holding the simplest, most regulator-friendly version of the offer.