This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox.Happy Tuesday. Breaking news this morning: Netflix submitted an all-cash offer for Warner Bros. Discovery's assets, the latest twist in the fight for the media giant's studio and streaming businesses. CNBC reported last week that Netflix was likely to adjust its bid.Stock futures are cratering this morning as investors dump U.S. assets. The three major indexes are coming off a losing week.Here are five key thin ...

Netflix Inc. (NASDAQ:NFLX) has decided to switch to an all-cash offer for the acquisition of Warner Bros Discovery (NASDAQ:WBD) studio and streaming businesses. This decision was made without increasing the $82.7 billion price, effectively countering rival Paramount’s (NYSE:PSKY) efforts.Netflix’s new all-cash offer for Warner Bros Discovery’s studio and streaming businesses has received unanimous approval from the latter’s board. Both Netflix and Paramount are eyeing Warner Bros for its renowned film and t ...

Core Viewpoint - Warner Bros. Discovery has accepted a new all-cash offer from Netflix to sell its studios and streaming business for $27.75 per share, moving towards a shareholder vote amid a hostile bid from Paramount [1] Group 1: Deal Structure and Financials - The revised deal is valued at $72 billion and has prompted Warner Bros. Discovery to release new financial disclosures regarding its cable networks, providing investors with clearer insights into the business that will remain post-transaction [2] - Paramount has criticized the lack of detailed financial disclosures about the cable spinoff and the Netflix deal structure, claiming this was a key reason for escalating its hostile bid [3] - Warner Bros. Discovery has released updated projections for the cable business, which will be spun off into a separate entity named Discovery Global [5] Group 2: Market Reactions and Statements - The cable division is projected to show declining revenue and earnings over the next several years, despite generating better-than-expected cash flow [9] - Netflix co-CEO Greg Peters stated that the revised deal reflects their commitment to the transaction and accelerates the process for Warner Bros. Discovery shareholders [9]

Netflix has adjusted its offer for Warner Bros. Discovery's studio and streaming assets to an all-cash bid, according to an SEC filing on Tuesday. Netflix now plans to pay $27.75 per WBD share entirely in cash to acquire WBD's streaming platform HBO Max and the Warner Bros. film studio. The two companies initially reached a deal in December, comprised of a combination of cash and stock at an equity value of $72 billion. CNBC's David Faber and other media outlets reported last week that Netflix was likely to ...

Netflix's modified bid now offers all WBD share holders $27.75 per share entirely in cash for Warner's studio and streaming business.Netflix on Tuesday announced it has revised its bid to acquire Warner Bros. Discovery’s studios and streaming business into an all-cash offer in an apparent effort to fend off Paramount Skydance’s hostile bid to acquire Warner.In a press release, Netflix said its $83 billion cash-and-stock deal to acquire Warner’s studio and streaming business—including HBO Max—has been altere ...

Group 1 - The core point of the article is that Netflix has revised its merger agreement with Warner Bros. Discovery, agreeing to pay $27.75 per share in cash to Warner Bros. Discovery shareholders instead of a combination of cash and common stock [1] - The final transaction is set to be completed by December 5, 2025, with Netflix acquiring Warner Bros. Discovery's film studio and streaming business for a total enterprise value of approximately $82.7 billion, which includes an equity value of $72 billion [2] - The completion of the transaction is contingent upon Warner Bros. Discovery finalizing the spin-off of its global network business, Discovery Global, with the deal expected to close in the third quarter of 2026 [2]

Netflix has switched its agreement for Warner Bros. Discovery to an all-cash deal. The new transaction values Warners at $27.75 per share and removes the $4.50 Netflix stock element, which was part of the agreement that beat out Paramount. As previously announced, Discovery Global is not included. Both Netflix and Warner Bros. Discovery (WBD) said the agreement “provides enhanced certainty” to WBD shareholders by “eliminating market-based variability.” The new agreement, still worth the previous $82.7B, wo ...

Netflix is making its proposed $83 billion acquisition of Warner Bros. Discovery all-cash, as the video streamer tries to convince Warner shareholders to back its offer instead of rival Paramount Skydance hostile bid. ...

（文章来源：第一财经） 据报道，奈飞修改了对华纳兄弟探索公司的收购要约，使其全部以现金方式进行。 ...

Core Viewpoint - Netflix is increasing its bid for Warner Bros. Discovery (WBD) by converting part of its stock offer into an all-cash proposal to counter Paramount's bid, aiming for a quicker shareholder vote and more financial certainty [1][2]. Group 1: Netflix's Strategy - Netflix's revised offer remains at $27.75 per share, but the conversion of $4.50 per share from stock to cash eliminates uncertainty for WBD shareholders [2]. - The company's shares have decreased by 13% since the announcement of the Warner Bros. deal and have fallen 28% since late October [2]. Group 2: Paramount's Position - Paramount's all-cash offer stands at $30 per share for all of WBD, which it claims is superior to Netflix's bid for key assets like the studio and HBO [3][7]. - Paramount has made eight unsuccessful bids for WBD and is currently suing the company while seeking board positions [3]. Group 3: Valuation of WBD's Assets - A significant factor in the bidding war is the perceived value of WBD's cable networks, which Paramount aims to acquire, while Netflix does not [7]. - If WBD's cable channels are valued at less than $2.25 per share (or $5.9 billion), Paramount's offer may seem more attractive initially [8]. - WBD has indicated that it would need to deduct $1.79 per share from Paramount's bid to account for costs associated with changing direction, including a $2.8 billion breakup fee to Netflix [8]. Group 4: Market Analysts' Perspectives - Most media analysts have a more optimistic valuation of WBD's cable business, estimating its channels to be worth between low single digits and $3.51 per share [10]. - Even a conservative estimate based on the valuation of a new cable company suggests WBD's networks could be valued at $1.20 per share [10]. Group 5: Future Implications - Unless WBD shareholders oppose its board, Paramount may feel pressured to increase its bid to remain competitive [11].