Netflix prepares to pay cash for part of Warner Brothers Discovery

(CNN)– Netflix says it’s now prepared to pay all cash for part of Warner Brothers Discovery.

It’s offering $27.75 per share after a previous offer that included stock and a lower share price.

Netflix only wants the part of the company that includes HBO and the movie studio.

CNN and other WBD channels will be a separate company called Discovery Global.

Paramount is trying to buy all of WBD for $30 a share.

Netflix and WBD hope the new offer will fend off that hostile takeover bid.