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Bond Market News
Netflix Considers Amending WBD Offer into an All-Cash Deal
January 14, 2026
Netflix is considering amending its acquisition of Warner Bros. Discovery (WBD) into an all-cash deal to accelerate the closing process and counter a hostile takeover attempt by Paramount. The existing $82.7bn deal by Netflix agrees that WBD shareholders will receive $23.25 in cash and $4.50 in Netflix stock, subject to a collar based on the stock’s 15-day volume weighted average price. However, the mix of cash and stock deal, has faced volatility as Netflix’s share price recently dipped to $90.3/share, below the collar threshold that ranges between $97.91 and $119.67/share. The simplified deal structure comes as certain shareholders had labeled Paramount’s $108.4bn all-cash offer “economically superior”. Paramount has escalated the conflict by filing a lawsuit and threatening a proxy battle to replace WBD’s board. WBD’s board continues to reject the Paramount’s bid as “inferior,” citing high debt risks and a lack of certainty. With Paramount’s tender offer set to expire on January 21, Netflix’s move toward an all-cash bid is a strategic effort to solidify shareholder support.
WBD’s bonds were trading stable with its 4.279% 2032s at 88.9 yielding 6.5%. Netflix’s bonds traded higher with its 4.875% 2030s up 1.5 points to 102.5, yielding 4.2%.
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