Overview
- Netflix will pay $27.75 in cash per WBD share for the studios, HBO/HBO Max and games businesses, preserving an enterprise value of about $82.7 billion.
- The amendment won unanimous approval from both boards, and WBD filed preliminary proxy materials to enable a shareholder vote as soon as April 2026.
- Netflix expects to fund the purchase with cash on hand, available credit facilities and committed financing arranged by Wells Fargo, BNP Paribas and HSBC.
- The transaction requires antitrust and other regulatory approvals in the U.S. and Europe and completion of the Discovery Global cable spinoff, with closing still guided for 12–18 months from the December 2025 signing.
- Paramount Skydance continues its competing $30-per-share all-cash hostile bid with a disclosure lawsuit and planned proxy fight, after a Delaware judge declined to expedite its case.