Overview
- Netflix agreed to acquire Warner Bros. Discovery’s film and TV studios plus HBO/HBO Max in a cash-and-stock deal valued at about $72 billion, or roughly $82–83 billion including debt.
- President Donald Trump said the combination "could be a problem" due to market share and confirmed he will be involved in the approval process after meeting Netflix co-CEO Ted Sarandos in November.
- The transaction requires regulatory clearance, with the Justice Department expected to review the deal and additional approvals likely in Europe and other markets over an extended timetable.
- Warner Bros. Discovery’s linear cable networks would be spun off into a separate company before closing, and Netflix agreed to a $5.8 billion termination fee if regulators block the deal.
- Netflix won an auction over Paramount Skydance and Comcast, supported by a reported $59 billion bridge loan, as unions and lawmakers from both parties urged tough review citing competition, jobs and theatrical concerns.