Overview
- Both companies confirmed a signed agreement valuing WBD at an enterprise value of about $82.7 billion and equity of roughly $72 billion, or $27.75 per share.
- Completion is expected after Warner Bros. Discovery separates its Global Networks unit as Discovery Global, a spinoff targeted for the third quarter of 2026, and after competition approvals.
- Netflix disclosed a termination fee of up to $5.8 billion if regulators block the transaction, and the deal is expected to face intensive antitrust review in the US and Europe.
- Netflix signaled it intends to maintain Warner’s current operations, including theatrical releases, and to keep HBO Max as a standalone service at least initially.
- Separately, HBO Max will launch on January 13, 2026 in Germany, Austria, Switzerland, Luxembourg and Liechtenstein with three monthly tiers (€5.99 with ads, €11.99 ad-free, €16.99 with 4K) plus a €3 sports add-on and live rights to Milano Cortina 2026.