Overview
- The cash-and-stock offer values the business at about $72 billion in equity, or $82.7 billion enterprise value, with Netflix paying $27.75 per WBD share and assuming roughly $10 billion in debt.
- Warner Bros. Discovery will first separate its cable networks into a new company called Discovery Global, with the split targeted for 2026 before the transaction can close.
- Regulatory approval remains uncertain as the Department of Justice and other authorities prepare extensive reviews, while some lawmakers have already raised competition concerns.
- Cinema United, the Writers Guild of America and the Directors Guild of America voiced opposition over potential harms to theaters, jobs and creative competition.
- Netflix says it will maintain Warner Bros.’ theatrical releases and operations and projects $2–3 billion in annual cost savings by year three, following a bidding process that beat Paramount Skydance and Comcast.