Netflix (NASDAQ:NFLX) said it remains fully committed to its $82.7 billion merger agreement with Warner Bros. Discovery (NASDAQ:WBD), after Warner Bros. Discovery’s board turned down a revised proposal from Paramount Skydance (NASDAQ:PARA).

The Warner Bros. Discovery board concluded that the agreement with Netflix offers superior value for shareholders. Under the terms of the deal, Netflix is set to acquire Warner Bros. studios along with HBO Max and HBO in a transaction valuing WBD shares at $27.75 each.

The proposed merger maintains the previously announced plan to spin off Warner Bros. Discovery’s Global Linear Networks division as a separate business. Subject to regulatory approvals, the companies expect the transaction to close within a timeframe of 12 to 18 months.

Netflix has already filed the required Hart-Scott-Rodino notification and said it is actively engaging with competition regulators as part of the approval process, signaling its intention to advance the deal without delay.

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