Warner Bros. Discovery in the $82.7 billion acquisition of Warner Bros. by Netflix

On December 5, 2025, Warner Bros. Discovery, Inc. (NASDAQ: WBD) and Netflix, Inc. (NASDAQ: NFLX) announced entry into a definitive agreement for Netflix to acquire Warner Bros., including its film and television studios, HBO Max and HBO, following the separation of Discovery Global, the WBD Global Networks division, into a new publicly traded company.  The Netflix transaction has an enterprise value of approximately $82.7 billion, one of the largest media and entertainment deals in corporate history.  WBD stockholders will receive $23.25 in cash and $4.50 in Netflix stock (subject to a collar) per WBD share, and will also receive shares of Discovery Global in the spin-off.

Entry into the transaction follows WBD’s announcement in June 2025 that it would separate its Streaming & Studios and Global Networks divisions into two publicly traded companies and its subsequent announcement in October 2025 that its Board of Directors had initiated a review of strategic alternatives to maximize shareholder value following interest from multiple parties.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to WBD.