Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Tuesday, January 20th, and I'm your host, Kim Khan. Our top story so far,

Netflix is moving further to cement its acquisition of Casablanca, Batman, Middle Earth, and of course the Animaniacs.

The streaming giant pulled the trigger on an all-cash offer for Warner Brothers Discovery's

streaming and studio units at 2775 per share.

Warner said it will hold a special meeting of shareholders to vote on the deal before April.

The company highlighted that the all-cash transaction provides enhanced certainty around

the value WBD stockholders will receive at closing, eliminating market-based variability.

Warner CEO David Zazelof said,

By coming together with Netflix, we will combine the stories Warner Brothers has told that have captured the world's attention for more than a century.

Netflix co-CEO-C-Cendos said the revised All-Clash Agreement

will enable an expedited timeline to a stockholder vote and provide greater financial certainty,

plus value from the planned separation of Discovery Global.

The acquisition will also significantly expand U.S. production capacity

and investment in original programming, driving job creation

and long-term industry growth, he added. But analysts say an all-cash deal will be a drag on Netflix's

earnings per share, even if it helps avoid meaningful ownership dilution. There are also concerns

the offer could bring incremental downside, as increased upfront financing needs could pressure

Netflix's debt profile and reduce anticipated deal synergies.

Netflix increased its borrowing capacity to $42.2 billion from $34 billion,

with Wells Fargo, BNP, Bariba, and HSBC to fund its revised offer.

The company reports earnings post-market today.

...