LOS ANGELES, Jan. 20 (Xinhua) -- Netflix announced Tuesday it has revised its nearly 83 billion U.S. dollar bid for Warner Bros. Discovery (WBD) to an all-cash offer amid an escalating bidding war with Paramount Skydance.

Photo: CGTN

In a joint statement, Netflix and WBD said the revised agreement "simplifies the transaction structure, provides greater certainty of value for WBD stockholders, and accelerates the path to a WBD stockholder vote."

The all-cash transaction remains valued at 27.75 dollars per WBD share, unchanged from the prior transaction structure. WBD stockholders will also receive the additional value of shares of Discovery Global following its separation from WBD, according to the statement.

Netflix, the world's largest streaming company by subscriber numbers, sent shockwaves through Hollywood on Dec. 5 when it announced an agreement to acquire major parts of WBD, including its studios and streaming business. Discovery Global, the parent company of cable networks such as CNN and TNT, is not included in the proposal.

However, the deal has been challenged by a rival bid from Paramount Skydance.

Earlier this month, WBD rejected Paramount Skydance's amended tender offer, which included a personal funding guarantee from billionaire Larry Ellison.