Earlier this week, Netflix revised its bid for assets of Warner Bros. Discovery to an all cash offer. Netflix is offering $27.75 per share for “half” of WBD compared to Paramount Skydance‘s offer of $30 per share for all of WBD.

Netflix would purchase WBD’s movie studio and streaming assets while a new entity called Discovery Global would keep the channels.

Netflix had previously offered $23.25 a share in cash plus more in stock for a total of around $27.75 per share.

The next step is for a review by the US Securities and Exchange Commission and then the deal will be put to a vote. Any deal would involve some major hurdles and would need to be approved by the US government, the current administration has close ties to Paramount’s owners and others involved in that bid, as well as European regulators.

Paramount has waged a hostile attempt to take over WBD after their offer was rejected by the board. They have gone to the shareholders to not only reject the Netflix offer but install a board of directors who will accept the Paramount offer.

Paramount’s offer is for $30 a share for all of the company and has stated that the channels have little to no equity value. Warner Bros. Discovery has recently revealed in an SEC Filing that CNN, one of the channels it owns, will collected $1.8 billion in revenue this year and is projected $2.2 billion by 2030. It has said that its overall network business will decline even though CNN will rise. U.S. networks other than CNN will bring in $9.9 billion in revenue in 2026 and projected to bring in $7.7 billion by 2030. “Profit” will fall from $3.8 billion to $1.9 billion from 2026 to 2030.

Paramount’s offer values the channels of WBD at $2.50 a share with 2.48 billion shares coming out to about $6.2 billion, about two to three years of profit based on the recent filing.