Overview
- Netflix and Warner Bros. Discovery signed a definitive agreement for Netflix to buy Warner Bros., with WBD shareholders to receive $27.75 per share in cash and Netflix stock, implying equity value of about $72 billion.
- The enterprise value of the transaction is roughly $82.7–83 billion, reflecting assumed liabilities and deal structure.
- The acquisition would transfer Warner Bros.’ film and television studios, DC Studios, the HBO cable channel, the HBO Max streaming service, and extensive libraries to Netflix.
- Completion is conditioned on Warner Bros. Discovery spinning off its Discovery Global unit into a separate public company, a step targeted for the third quarter of 2026.
- Reuters reports the deal will undergo intensive antitrust review in the United States and Europe, while some members of Congress voiced consumer and industry concerns and Paramount questioned the sale process.