Netflix is revising its $72 billion offer for Warner Bros. Discovery to make it an all-cash transaction, sweetening the bid as rival Paramount Skydance continues with its hostile takeover attempt for the Hollywood studio.

Netflix initially offered a cash and stock deal valued at $27.75 per Warner Bros. share, giving it a total enterprise value of $82.7 billion, including debt. 

On Tuesday, Netflix said the revised offer simplifies the transaction structure, providing more clarity on its value for Warner Bros. stockholders and speeding up the path to a Warner Bros. shareholder vote.

The companies said the all-cash transaction is still valued at $27.75 per share. Stockholders will also receive shares of Discovery Global following its separation from Warner Bros.

The revised offer comes amid Netflix's tussle with Paramount Skydance, the parent company of CBS News, for ownership of Warner Bros. Earlier this month, Warner Bros. Discovery's board of directors rejected Paramount Skydance's revised hostile bid, saying that its terms are inferior to Warner's $82.7 billion merger agreement with Netflix.

Last week, Paramount took another step in pursuing its hostile takeover bid for Warner Bros., saying that it would name its own slate of directors before the next shareholder meeting of the Hollywood studio.

The boards of both Netflix and Warner Bros. Discovery have approved the amended all-cash deal. 

Netflix's stock rose 61 cents, or 0.7%, to $88.62 in early trading. Warner Bros. Discovery shares slipped 0.7%.