Overview
- The companies signed a definitive cash-and-stock agreement at $27.75 per WBD share, unanimously approved by both boards.
- The acquisition covers Warner Bros. film and TV studios plus HBO and HBO Max, bringing franchises such as DC, Harry Potter and Game of Thrones under Netflix.
- Closing is targeted in 12–18 months and is conditioned on WBD separating its linear-TV unit, Discovery Global, which is planned for the third quarter of 2026.
- U.S. antitrust scrutiny is expected, with media reports pointing to Department of Justice interest, and industry unions warning about consolidation’s impact on competition and workers.
- Paramount Skydance and Comcast were rival bidders, and Paramount has formally complained that WBD’s sale process favored Netflix, while Netflix has said it will honor existing theatrical-release contracts.