Overview
- Both boards approved a cash-and-stock agreement valuing WBD at $27.75 per share, with $23.25 in cash and $4.50 in Netflix stock for each WBD share.
- The purchase covers Warner Bros. film and TV studios plus HBO and HBO Max, while WBD’s linear TV assets will be spun into a separate company, Discovery Global.
- The companies target completion after the Discovery Global separation, with an expected 12–18 month regulatory review window.
- U.S. antitrust authorities are reported to be preparing scrutiny, and industry groups have flagged competition and labor concerns.
- Paramount has formally challenged the sale process as favoring Netflix, and Netflix has said it will honor Warner’s existing theatrical-release commitments.