Jan. 20 at 4:51 PM
PickAlpha Midday-
Netflix revised its Warner bid to all-cash, removing the stock component and tightening the timeline for a shareholder vote. That directly neutralizes Paramount/Skydance’s key attack line (“our
$30 cash offer is cleaner”) and forces the contest into a certainty + speed showdown. WBD also disclosed a wide valuation range for the spun-off cable asset (Discovery Global), pushing back on the “cable is worthless” narrative.
Tickers:
$NFLX $WBD $PARA.X
Here’s what matters: Our view is all-cash is a confidence signal and a tactical checkmate attempt, not generosity. Netflix is buying certainty (and time) while daring Paramount to pay up. The tell from here is simple: if Paramount doesn’t move above
$30–
$32, this becomes a WBD shareholder “take the sure money” vote - and the odds tilt toward the cleaner, faster close.
