Netflix has revised its proposed acquisition of Warner Bros. Discovery, changing the transaction to an all-cash deal valued at $27.75 per Warner Bros. share.
Both companies said their boards have approved the amended agreement.
Netflix had earlier offered a mix of cash and stock for Warner Bros. Discovery at the same per share value, giving the deal a total enterprise value of $82.7 billion, including debt.
The companies said on Tuesday that the revised all-cash structure simplifies the transaction and provides greater certainty of value for Warner Bros. stockholders.
They added that the change is also expected to speed up the process toward a shareholder vote at Warner Bros. Discovery. Despite the shift in structure, the per-share value of the offer remains unchanged at $27.75.
Under the revised terms, Warner Bros. Discovery stockholders will also receive additional value through shares of Discovery Global after its separation from Warner Bros.
The companies did not provide further details on the timing of the separation.
Netflix and Warner Bros. Discovery said the amended deal reflects a mutual decision to streamline the transaction while maintaining the overall valuation agreed upon in the original proposal.