Netflix Weighs Amending Warner Bros. Bid to Make It All Cash (2)

Netflix Inc. is working on revised terms for its Warner Bros. Discovery Inc. acquisition and has discussed making an all-cash offer for the company’s studios and streaming businesses, people familiar with the discussions said.

The changes are designed to expedite a sale that will take months to close and has faced opposition both from politicians and rival bidder Paramount Skydance Corp. Institutional investors have been divided in their support.

Under the original agreement, Warner Bros. shareholders were to receive $23.25 in cash and $4.50 in Netflix common stock, with certain adjustments in place if shares ...