Paramount Put Up Or Shut Up: Netflix Forces the Issue With All-Cash WBD Offer

Netflix just made its big move, and it’s aimed squarely at pressuring Paramount and Skydance to either raise their bid or walk away.

Netflix Converts WBD Deal to All-Cash

On Tuesday, Netflix and Warner Bros. Discovery announced a major update: the pending merger between the two media giants will now be an all-cash transaction, valued at $27.75 per share.

The move is designed to eliminate uncertainty, fast-track shareholder approval, and showcase Netflix’s financial muscle.

WBD has already filed a preliminary proxy statement with the SEC to speed up the stockholder vote, now set for late February or early March, months earlier than expected.

This comes as Netflix ups its pitch: it’s not just offering $27.75 in cash, but it’s also floating an extra $3 a share in potential value via the planned sale of WBD’s legacy cable networks — including CNN — which Netflix says are performing better than expected.

Gasparino: Netflix Is Forcing Paramount’s Hand

Fox Business’ Charles Gasparino reports WBD’s accelerated vote is a direct play to push Skydance and Paramount Global into making a move or getting out of the way.

“This puts pressure on them to stop screwing around with electing board members or lawsuits and either show their hand or go away,” said one WBD exec, Gasparino posted on X.

Scoop: @wbd filed a proxy statement expediting the shareholder vote on @netflix’s now $27.75 all cash offer and I am told the vote will take place in late Feb or early March as opposed to later in the spring, all to put pressure on @paramountco @Skydance to either increase its…

— Charles Gasparino (@CGasparino) January 20, 2026

Skydance’s current hostile offer stands at $30 a share — technically higher — but that bid reportedly involves less cash up front and more reliance on equity, regulatory review, and structural complexity.

Netflix and WBD Execs Tout Speed, Certainty

In the joint announcement, WBD CEO David Zaslav and Netflix co-CEOs Ted Sarandos and Greg Peters stressed the benefits of the amended deal:

• Certainty for Stockholders: No more stock swaps or market fluctuation.
• Faster Vote Timeline: WBD shareholders now expected to vote by April 2026.
• Regulatory Readiness: HSR filings already submitted, no CFIUS review required.
• No Change in Total Value: $27.75 per share in cash, plus future Discovery Global shares.

WBD Chair Samuel Di Piazza said the board’s vote was unanimous, calling the deal “incredible value” and “a testament to the board’s unrelenting focus.”

WBD CEO David Zaslav said the “revised merger agreement brings us even closer to combining two of the greatest storytelling companies in the world and with it even more people enjoying the entertainment they love to watch the most. By coming together with Netflix, we will combine the stories Warner Bros. has told that have captured the world’s attention for more than a century and ensure audiences continue to enjoy them for generations to come.”

Paramount’s Clock Is Ticking

Paramount and Skydance had previously been expected to extend their tender offer deadline past January 21, possibly buying time to secure financing or regulatory clarity. But Netflix’s cash-heavy pivot just lit a fire under the entire process.

With Netflix already engaging with regulators and putting its massive war chest on the table, Paramount and Skydance are now on the defensive. If they want in, they’ll need to raise their offer and fast.