Netflix has shifted to an all-cash offer for Warner Bros Discovery's (WBD) studio and streaming assets, keeping the $82.7 billion valuation the same, in a strategic move to block rival Paramount Skydance from acquiring the Hollywood giant.

The new offer values WBD at $27.75 per share and has received unanimous support from Warner Bros' board, according to a Tuesday regulatory filing.

The switch from a previous cash-and-stock deal is designed to simplify the merger and provide shareholders with "greater certainty of value," Netflix co-CEO Ted Sarandos said in a statement.

"Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty," he added. Warner........

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