Netflix revises $72 billion offer to buy Warner Bros. to all-cash transaction

(NBC, KYMA) - Netflix has announced they have tweaked its offer to buy Warner Bros. Discovery.

The price tag will still be $72 billion, but now it will be an all-cash offer, instead of a combination of cash and stocks.

It's offering $27.75 per share after a previous offer included not only stock, but also a lower share price.

Both company boards approved the revised all-cash deal, saying it simplified the transaction structure.

Netflix only wants part of the company that includes HBO and the movie studio. Meanwhile, CNN and other Warner Bros. channels, such as TBS and TNT, will be a separate company called Discovery Global.

Netflix has been competing with Paramount, who wants to buy all of Warner Bros. for $30 a share, but it appears to have won that battle.

The deal is expected to close 12 to 18 months after the merger agreement is signed.