LOS ANGELES — Netflix has switched to an all-cash offer for Warner Bros. Discovery’s studio and streaming assets without increasing the $82.7-billion price in a bid to shut the door on Paramount’s rival efforts to snag the Hollywood giant.

The new all-cash bid — at $27.75 a share — has unanimous support from the Warner Bros. board, according to a Tuesday regulatory filing. The new replaces its earlier cash-and-stock bid for $23.25 in cash and $4.50 in Netflix stock.

Both Netflix and Paramount Skydance covet Warner Bros. for its leading film and television studios, extensive content library and major franchises such as Game of Thrones, Harry Potter, and DC Comics’ superheroes Batman and Superman.

Paramount has altered its terms and engaged in an aggressive media campaign to try to convince shareholders that its bid is superior, but Warner Bros. has spurned the David Ellison-led company. It declined to comment Tuesday on Netflix’s all-cash offer.

Warner Bros. will hold a special investor meeting to vote on the Netflix deal, with the streaming pioneer saying that the meeting was expected to be held by April.

“Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty,” Netflix Co-Chief Executive Officer Ted Sarandos said in a statement.

Alex Fitch, portfolio manager for Harris Oakmark, the fifth largest investor in Warner Bros. with about 96 million shares as of Sept. 30, predicted the bidding war for Warner Bros. may not be over.

“This new agreement only ramps up the pressure,” said Mr. Fitch. “The changes show that Netflix is serious about winning, and the accelerated shareholder vote means Paramount needs to act with urgency. Now, it is up to Paramount to provide a clearly superior offer if they want to get this done.” — Reuters

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