00:00Netflix has revised its agreement to acquire Warner Brothers Discovery and Warner Brothers Film Studio to an all-cash offer of $27.75 per share, replacing the prior cash and stock deal valued at $72 billion.
00:14The WBD board unanimously approved the amended deal, citing greater financial certainty and a faster path to a shareholder vote, potentially as early as late February or early March.
00:26The move comes as Paramount Skydance escalates a hostile takeover attempt for all of WBD, including its cable networks, which the WBD board has repeatedly urged shareholders to reject.
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