The Globe and Mail reports in its Wednesday edition that Netflix is offering to buy Warner Bros. Discovery's studio and streaming business for $72-billion in cash to win over shareholders and counter a potential hostile bid from Paramount (all figures U.S.). An Associated Press dispatch to The Globe reports that in December, Netflix struck a cash and stock deal with Warner valued at $27.75 a share, giving it a total value of $82.7-billion. On Tuesday the companies said a revised deal to simplify its structure, ensure greater value for Warner stockholders and expedite a shareholder vote, potentially by April. The all-cash deal is still valued at $27.75 per Warner share. Stockholders will also receive shares of Discovery Global, which will become a separate entity. Warner leadership has repeatedly backed a merger with Netflix -- and the boards of both companies approved the all-cash deal announced Tuesday. In a statement, Warner chief David Zaslav said the revised agreement "brings us even closer to combining two of the greatest storytelling companies in the world." Unlike Netflix, Paramount wants to acquire Warner's entire company and went straight to shareholders with an all cash, $77.9-billion offer last month.