Overview
- President Trump said the proposed merger "could be a problem" due to market share and confirmed he met Netflix co-CEO Ted Sarandos and plans personal involvement in the review.
- Netflix and Warner Bros. Discovery announced a definitive agreement for Netflix to acquire the studios and HBO/HBO Max, with a headline equity value near $72 billion and roughly $82.7–$83 billion including debt, or about $27.75 per WBD share.
- The transaction excludes Warner Bros. Discovery’s cable networks, which must be spun off into a separate company called Discovery Global before the deal can close.
- Regulators in the U.S. and abroad are expected to conduct full reviews as estimates put the combined U.S. subscription streaming share near or above 30%, drawing opposition from lawmakers and the Writers Guild of America.
- Netflix won the auction over Paramount Skydance and Comcast after arranging a reported $59 billion bridge loan and agreeing to a $5.8 billion breakup fee, with notification of its winning bid on December 4.