The streaming giant previously made a bid of $27.75 per share for Warner Bros. Discovery but had planned to pay part of the amount by offering Netflix shares. The offer has now been changed to pure cash. Warner Bros. Discovery's board of directors has approved the new offer.
After Warner Bros. Discovery's board announced that it recommends the bid from Netflix, competitor Paramount has made several hostile bids for the company and filed a lawsuit.
Netflix will release its quarterly report later tonight.
