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Published : 14 Jan 2026, 09:07 AM
Netflix is preparing to make an all-cash offer for Warner Bros Discovery's studios and streaming businesses, a source familiar with the matter told Reuters.
The changes are designed to expedite a sale, which will take months to close and has faced opposition from politicians and rival bidder Paramount Skydance, according to the source.
Bloomberg News earlier reported on the news. Netflix declined to comment on the Bloomberg report, while Warner Bros did not immediately respond to a Reuters request for comment.
Netflix's $82.7 billion deal initially consisted of cash and stock for Warner Bros' film and streaming assets, while Paramount offered $108.4 billion in cash for the whole company, including its cable TV business.
Still, Warner Bros has favored Netflix's deal despite amendments to Paramount's bid, including a $40 billion equity backing by Oracle co-founder Larry Ellison - father of Paramount CEO David Ellison.
Warner Bros' board has argued that Paramount's offer hinges on a significant amount of debt financing that heightens the risk of closing and the offer "remains inadequate."
Paramount and Netflix have been in a heated battle for Warner Bros, its prized film and television studios, and its extensive content library.
Its lucrative entertainment franchises include "Harry Potter”, "Game of Thrones”, "Friends" and the DC Comics universe, as well as coveted classic films such as "Casablanca" and "Citizen Kane”.
The bidding war has become Hollywood's most closely watched takeover battle, as studios confront a landscape increasingly dominated by streaming platforms and as theatrical revenue remains volatile.
Lawmakers on both sides of the political aisle have raised concerns about further consolidation in the media industry that could potentially lead to higher prices and less choice for consumers.
Paramount on Monday sued Warner Bros for more information on its deal with Netflix and said it planned to nominate directors to Warner Bros' board.
