Netflix strengthens its Warner Bros. bid as Paramount's David Ellison tries to wreck its deal

Netflix co-CEOs Greg Peters (left) and Ted Sarandos (right) have made an all-cash offer to Warner Bros. Discovery CEO David Zaslav (center).

Joe Pugliese and John Nowak for Warner Bros. Discovery

• Netflix is revising its offer to buy Warner Bros. and offering all cash, similar to Paramount's bid.
• Paramount has argued that its offer is financially superior and has sued WBD.
• Unless WBD shareholders move against the board, Paramount may have to offer more money.

Netflix...