Core Viewpoint - Netflix is likely to amend its offer for Warner Bros. Discovery (WBD) to an all-cash bid, which could expedite the approval process from shareholders [1][2]. Group 1: Netflix's Offer - Netflix's current deal to acquire WBD's assets, including HBO Max and the Warner Bros. film studio, is valued at $27.75 per WBD share, translating to an equity value of $72 billion and a total enterprise value of approximately $82.7 billion [1]. - An all-cash offer would allow WBD shareholders to vote on the deal more quickly, potentially moving the vote up to late February or early March [2][3]. Group 2: Shareholder Voting Process - Under the existing agreement, the shareholder vote is expected to occur in the spring or early summer, with stock-based deals requiring more financial disclosures and time for approval [3]. - Transitioning to an all-cash offer would streamline the voting process, reducing the time and expense associated with the approval [3]. Group 3: Competitive Landscape - Paramount Skydance is actively pursuing a hostile acquisition of WBD, having filed a lawsuit to obtain information regarding WBD's board's rejection of its $30-per-share offer in favor of Netflix [4]. - Paramount argues that its offer is superior in value, particularly considering the estimated worth of WBD's TV networks, and has sought to strengthen its bid with support from Oracle co-founder Larry Ellison [5].

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