Netflix has tried to maintain a veneer of calm confidence in the weeks since it was announced as the winner of the auction for Warner Bros. Discovery. Paramount Skydance was Netflix’s main competition in the bidding, and has not taken WBD’s decision well, launching a hostile takeover attempt and insisting that its $30-per-share, all-cash offer is superior to Netflix’s. Now, the world’s largest streamer is preparing its first countermove to Paramount, and is reportedly getting ready to convert what was originally a cash-and-stock offer for WBD into an all-cash bid.

Per reporting from the Wall Street Journal, Netflix intends to convert its offer for WBD into 100% cash. Initially, Netflix’s bid for WBD’s streaming arm, as well as its TV and movie studios — equity value of $72 billion — was a mix of cash and stock. With a stock price of $88.56 per share, it’s hard to argue that the blend of stock and cash would have been a bad deal for Warner Bros. Discovery stockholders, but even so, converting to all-cash would provide those investors more certainty.

Ever since it first embarked on its hostile takeover attempt of WBD, Paramount has tried to make hay of the fact that its bid for the company was an all-cash offer, while Netflix’s was not. Despite this fact, however, the WBD board of directors has continued to advise shareholders that it considered Netflix’s offer to be superior.

The conversion of its bid to an all-cash offer is the first major concession Netflix has made to try to shore up support from any WBD investors who may be tempted to favor Paramount’s offer. Increasingly aggressive tactics from Paramount may have Netflix executives feeling uneasy about the progress of events.

Most recently, Paramount sued WBD to try and force disclosure of more details in the Netflix deal. In addition, Paramount will attempt to nominate its own board of directors for election at WBD’s annual meeting, who would then vote against approval of the pact with Netflix.

Concerns over regulatory approval aside, the Netflix bid for WBD’s studio and streaming assets is a strong one. But it’s not a foregone conclusion that Paramount will fail in its hostile takeover attempt, and Netflix is making a move to try to solidify its hold on the process.

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