Netflix updated its bid for Warner Bros. Discovery's streaming and film business to an all-cash offer, aiming to fend off rival Paramount Skydance and expedite the acquisition. The streaming giant's revised offer, estimated at approximately $72 billion, seeks to acquire valuable content libraries like the Harry Potter and Game of Thrones franchises.

The move amends Netflix's original proposal, which involved a combination of cash and shares. According to a joint announcement from Netflix and Warner Bros., the all-cash offer would provide more "certainty" to shareholders and enable them to approve the deal more quickly.

This strategic shift comes as Paramount Skydance continues to pursue its own bid to acquire Warner Bros., despite previous rejections. The intense competition reflects the evolving media landscape and the desire among global streaming giants to consolidate valuable content.

The deal would also include Warner Bros. shareholders receiving shares in the spun-off CNN and other entities. The acquisition would give Netflix ownership of Warner Bros. Discovery's streaming and film assets.