Overview
- The cash-and-stock agreement values Warner Bros. Discovery’s studios-and-streaming equity at about $72 billion, or $27.75 per share, with an enterprise value near $82.7 billion.
- Closing is conditioned on Warner Bros. Discovery first spinning off its cable networks into Discovery Global, a separation now expected by the third quarter of 2026.
- The companies project a 12 to 18 month timetable to completion, pending antitrust reviews in the United States and other jurisdictions.
- Netflix outbid Paramount Skydance and Comcast, while Paramount’s lawyers sent a letter alleging an unfair process to Warner Bros. Discovery’s board.
- Netflix says it will preserve Warner Bros.’ operations and continue theatrical releases, as theater owners and guilds register opposition and markets react with Warner Bros. Discovery shares up and Netflix down.