Walmart is launching a discounted bundle of the retail giant's two memberships as it looks to emphasize value for inflation-weary consumers. Walmart (WMT) said Tuesday that it is offering Walmart+ and Sam's Club Plus together for $120 a year. That's nearly $100 cheaper than subscribing to both separately, the company said in a release. The bundle includes free delivery from Walmart and Sam's Club above a certain order size and a choice of an ad-supported version of either Peacock or Paramount+, along with gas discounts and 2% back on certain Sam's Club purchases. For customers who may already have both, the company said most would be eligible for a prorated refund by switching to the new plan. "We believe consumers are the clear winners here given the stronger combination of perks, the ability to have Walmart and Sam's Club product delivered to your home with no markups, and minimal incremental costs to upgrade depending on membership type," Oppenheimer analysts wrote in a Thursday note. Walmart has looked to enhance its value proposition in recent months as consumers' budgets have been pressured by stubborn inflation. The retailer said it cut prices on thousands of items over the summer, and shares have surged this month as investors weary of the AI trade have rotated into more defensive stocks, including retailers. Walmart said the changes to the program shouldn't impact its third-quarter or full-year forecasts. Walmart shares have risen lately. This month's rally has carried the stock back into positive territory for the year, recovering losses suffered in the wake of Walmart's August report.