Netflix Accelerates Timeline for Warner Bros. Discovery Acquisition

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A pivotal shareholder vote on Netflix's proposed acquisition of Warner Bros. Discovery (WBD) is now anticipated as early as March. This accelerated schedule follows a significant revision to the offer's terms, with Netflix shifting to an all-cash bid to streamline the process and increase pressure for a swift resolution.

According to reports from CNBC, the WBD shareholder meeting to vote on the takeover is likely to be convened in March. This expedited timeline was triggered by Netflix's decision to convert its original mixed cash-and-stock proposal into a pure cash offer of $27.75 per share.

The board of directors at Warner Bros. Discovery has unanimously recommended that shareholders approve the deal. The same board has reportedly rejected a competing, hostile bid from Paramount Skydance on two separate occasions.

Key Deal Terms:
- Offer Price: $27.75 per share (all cash)
- Shareholder Vote: Expected in March
- Equity Valuation Range: $72 to $83 billion

Strategic Assets and Financing

Netflix's revised bid places an equity value of approximately $72 to $83 billion on WBD's streaming and studio assets. Success would grant Netflix control over key properties including the HBO Max streaming service, the Warner Bros. film studio, and an extensive content library featuring iconic franchises such as "Game of Thrones," "Harry Potter," and DC Comics.

To finance the substantial cash offer, Netflix secured commitments for a $59 billion bridge loan in early December 2025, as reported by Reuters. This financial backing was later increased by an additional $8.2 billion to fully support the all-cash structure.

Netflix Co-CEO Ted Sarandos cited the benefits of the cash offer in a CNBC report, stating it enables a faster path to a shareholder vote and provides greater financial certainty. The question remains whether this approach will be sufficient to overcome emerging hurdles.

Regulatory and Competitive Hurdles Emerge

The acquisition faces potential headwinds from both a competitor and regulators. Shortly after Netflix's initial announcement in December 2025, Paramount Skydance launched its own attempt to acquire WBD outright. Reports indicate an ongoing proxy fight, with Paramount having also filed a lawsuit to obtain information related to the Netflix offer.

Concurrently, an intensive antitrust review is expected, with European regulators likely to scrutinize the merger particularly closely. Despite these challenges, Netflix has expressed confidence. In an earnings call on January 20, Sarandos characterized the transaction as "pro-consumer, pro-innovation, pro-worker."

Netflix's recent quarterly performance provides some momentum. For Q4 2025, the company reported revenue of $12.05 billion and earnings per share of 56 cents, both slightly exceeding market expectations. Netflix also announced a global subscriber base of 325 million paying members. Looking ahead to 2026, the company forecasted revenue between $50.7 and $51.7 billion, with advertising revenue projected to roughly double year-over-year.

The upcoming March vote represents a critical first checkpoint. Its outcome will reveal whether WBD shareholders formally accept Netflix's all-cash proposal or if opposition—and subsequent regulatory scrutiny—delays the ambitious timeline.