Netflix updated its bid for Warner Bros. Discovery's streaming and film business to an all-cash offer, estimated at $72 billion, in an effort to expedite the deal and fend off rival Paramount Skydance, according to a joint announcement from Netflix and Warner Bros. The revised offer amends Netflix's original proposal, which included a mix of cash and shares.

The move reflects the intense competition among streaming giants to acquire valuable content libraries, such as the Harry Potter and Game of Thrones franchises, amid the evolving media landscape. According to sources, the all-cash offer aims to provide more "certainty" to shareholders and enable them to vote the deal through more quickly.

Paramount Skydance continues to pursue its own bid to acquire Warner Bros., despite previous rejections. The proposed deal would also include Warner Bros. shareholders receiving shares in the spun-off CNN and other entities. Netflix's plan would give the streaming giant access to a vast catalog of films and television shows.