Overview
- Netflix and Warner Bros. Discovery signed a definitive agreement for Netflix to acquire WBD’s film and TV studios plus the HBO/HBO Max business, valuing the equity at about $72 billion and the enterprise at roughly $82.7 billion.
- The transaction prices WBD at $27.75 per share, with $23.25 in cash and $4.50 in Netflix stock per share, and both companies’ boards voted unanimously to approve the deal.
- Cable networks including CNN, Discovery and TNT Sports are excluded, with WBD set to spin them into a separate public company called Discovery Global before closing.
- The companies project a multi‑step closing process that includes shareholder votes and multijurisdictional reviews, as the DOJ and lawmakers signal scrutiny and rival bidders question the sales process.
- Cinema United, the WGA and the DGA voiced opposition over competition and theatrical impacts, while Netflix said Warner Bros. films will continue to receive theatrical releases and HBO Max will remain available in the near term.