Netflix is paying $72 billion in cash to acquire Warner Bros. Discovery, adjusting its initial offer that included both cash and stock. This all-cash strategy aims to strengthen Netflix's position against a hostile takeover attempt by Paramount, which has been pushing to buy Warner Bros. Discovery for $108.4 billion at $30 per share. In contrast, Netflix's deal focuses on Warner Bros.' streaming and movie studio divisions, while Paramount's bid seeks to acquire the entire company. The Warner Bros. board is working to separate its cable TV division, set to be named Discovery Global, before Netflix's deal closes. The price per share remains at $27.75, with the Warner Bros. board targeting a shareholder vote in April 2026. The change to an all-cash offer is intended to provide more certainty for Warner Bros. shareholders, eliminating market fluctuations and simplifying the transaction process. Netflix plans to fund the acquisition through existing cash, credit facilities, and committed financing. Paramount's actions include a lawsuit against Warner Bros. aimed at undermining the Netflix agreement. By focusing on the streaming and movie studio assets, Netflix is positioning itself to avoid complications that could arise from a complete acquisition by Paramount. The upcoming spinoff of Warner Bros.' cable division is a critical component of the strategy, allowing Netflix to secure its intended assets without interference from Paramount's bid.