Overview
- Both boards unanimously approved a definitive agreement valuing WBD at an $82.7 billion enterprise value and $27.75 per share, paid as $23.25 in cash and $4.50 in Netflix stock.
- The acquisition covers Warner Bros.’ film and TV studios as well as HBO and HBO Max, bringing franchises such as DC, Harry Potter and Game of Thrones under Netflix’s umbrella.
- Warner Bros. Discovery must first separate its linear TV assets into Discovery Global, a spin‑off targeted for the third quarter of 2026 and excluded from the deal.
- Netflix projects $2–3 billion in annual synergies by year three and has said it will honor existing theatrical release agreements for Warner Bros. films.
- Regulatory scrutiny is expected in the U.S. and Europe as unions and industry figures voice competition concerns, while rival bidder Paramount accused the sale process of favoring Netflix.