Netflix has revised its proposal to acquire Warner Bros. Discovery’s studio and streaming assets, shifting to an all-cash offer, according to a Tuesday SEC filing.

The new plan sets the purchase price at $27.75 per WBD share, entirely in cash, for HBO Max and the Warner Bros. film studio.

The companies had previously agreed in December to a deal valued at $72 billion, which included a mix of cash and stock.

“The WBD Board continues to support and unanimously recommend our transaction, and we are confident that it will deliver the best outcome for stockholders, consumers, creators and the broader entertainment community,” said Ted Sarandos, co-CEO of Netflix, said in a release on Tuesday.

“Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty at $27.75 per share in cash, plus the value from the planned separation of Discovery Global,” Sarandos added.

With the revised offer, the shareholder vote could be moved up to as early as late February or early March, Faber reported last week, citing sources familiar with the matter. Previously, the vote was expected in the spring or early summer.

According to Tuesday’s SEC filing, WBD’s board has unanimously approved the amended Netflix offer.

The board has also twice urged shareholders to reject Paramount’s hostile bid in favor of the Netflix deal.

Paramount has recently taken legal action to obtain information as part of its hostile bid for WBD and launched a proxy fight, notifying WBD shareholders of its plan to nominate directors to the Warner Bros. Discovery board at the company’s 2026 annual meeting.

On Tuesday, WBD filed a preliminary proxy statement seeking shareholder approval for its agreement with Netflix. If approved, WBD’s cable TV networks would be spun off into a new publicly traded company called Discovery Global.

The separation is expected to take six to nine months and would be completed before the Netflix-WBD transaction closes.