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FilingsDeal filing

Warner Bros. Discovery agreed on Dec 4, 2025 to merge with Netflix in a deal valued at $27.75 a share and $82.7 billion in enterprise value after Discovery Global's separation

WBD would first separate its Global Linear Networks business; the 8-K set termination fees of $2.8 billion payable by WBD and $5.8 billion payable by Netflix in the cases it listed.

From the public record2 min read

Published Updated Filed
Form8-K
FiledDec 5
Items1.01, 5.02
CompanyWarner Bros. Discovery

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

Warner Bros. Discovery (WBD) and Netflix signed an Agreement and Plan of Merger on Dec 4, 2025, and WBD reported it in an 8-K filed Dec 5. An 8-K is a current report to the SEC; item 1.01 reports a material agreement. Each WBD share would convert into $23.25 in cash plus Netflix common stock, and a press release attached to another WBD 8-K that day valued the cash-and-stock transaction at $27.75 per WBD share, subject to a collar. Following the separation of Discovery Global, the press release gave an enterprise value of $82.7 billion and an equity value of $72.0 billion. Enterprise value adds the debt and subtracts the cash; equity value counts the shares alone.1234567

Under the agreement, WBD would, before the merger, transfer its Global Linear Networks business and certain other assets to a new subsidiary, SpinCo, and distribute SpinCo's stock to WBD stockholders. WBD would then hold its Streaming & Studios businesses, and a Netflix subsidiary would merge into it, leaving WBD a wholly owned Netflix subsidiary.8910

Warner Bros. Games, a WBD unit, publishes Hogwarts Legacy, Mortal Kombat 1 and Suicide Squad: Kill the Justice League; Avalanche Software, NetherRealm Studios and Rocksteady Studios are the studios that develop those games. The 8-K text we hold does not mention games, so it does not say which side of the separation Warner Bros. Games would fall on. Netflix described its service as offering TV series, films, games and live programming, in a Jan 20, 2026 press release.1112131415161718

WBD would owe Netflix $2.8 billion in several cases, among them ending the agreement to accept a superior proposal. Netflix would owe WBD $5.8 billion in cash in some cases tied to regulation, among them a permanent antitrust or foreign regulatory injunction. Either company could end the agreement, subject to limits, if the merger had not taken effect by Mar 4, 2027, a date with two automatic three-month extensions while only regulatory conditions were open.1920212223

WBD had announced on Jun 9, 2025 plans to separate into two publicly traded companies. An 8-K filed Jan 20, 2026 reported an amended agreement under which the $27.75 per share would be paid entirely in cash. On Feb 27, 2026, WBD ended the Netflix agreement after finding a superior proposal from Paramount Skydance (PSKY) and signed a merger agreement with it, at $31.00 per share in cash plus a ticking fee for each quarter past Sep 30, 2026. PSKY, on WBD's behalf, paid Netflix the $2.8 billion termination fee. An 8-K filed Oct 6, 2026 reports a change in control: WBD became a wholly owned subsidiary of SKYD, the buyer that filing names, with aggregate merger consideration, what shareholders are paid, of approximately $78 billion.24251826272829303132

How each figure was checked32 facts
  1. the 8-K gives Dec 4, 2025 as the day WBD and Netflix entered into the merger agreementDecember 4, 2025SEC EDGAR, Form 8-K filed Dec 5, 2025 ↗
  2. when the 8-K was filedDec 5, 2025Our database
  3. the 8-K's items1.01, 5.02, 9.01Our database
  4. the cash and Netflix stock each WBD share converts into$23.25SEC EDGAR, Form 8-K filed Dec 5, 2025 ↗
  5. the press release's per-share value of the cash-and-stock transaction$27.75Press release of Dec 5, 2025, Exhibit 99.1 to a second WBD 8-K filed that day ↗
  6. the enterprise value in the press release, following the separation of Discovery Global$82.7 billionPress release of Dec 5, 2025, Exhibit 99.1 to a second WBD 8-K filed that day ↗
  7. the equity value in the press release, following the separation of Discovery Global$72.0 billionPress release of Dec 5, 2025, Exhibit 99.1 to a second WBD 8-K filed that day ↗
  8. what WBD transfers to SpinCoSEC EDGAR, Form 8-K filed Dec 5, 2025 ↗
  9. WBD distributes SpinCo's stock to its holdersSEC EDGAR, Form 8-K filed Dec 5, 2025 ↗
  10. WBD holds Streaming & Studios and survives as a Netflix subsidiarySEC EDGAR, Form 8-K filed Dec 5, 2025 ↗
  11. Warner Bros. Games' parentWarner Bros. DiscoveryOur database
  12. games Warner Bros. Games develops or publishesGotham Knights (developer, publisher); Hogwarts Legacy (publisher); LEGO Batman: Legacy of the Dark Knight (publisher); Mortal Kombat 1 (publisher); Mortal Kombat Mobile (publisher); Suicide Squad: Kill the Justice League (publisher)Our database
  13. games Avalanche Software developsHogwarts Legacy (developer)Our database
  14. games NetherRealm Studios developsMortal Kombat 1 (developer); Mortal Kombat Mobile (developer)Our database
  15. games Rocksteady Studios developsSuicide Squad: Kill the Justice League (developer)Our database
  16. which documents of this filing our records holdOur database
  17. how Netflix describes its serviceNetflix and WBD press release of Jan 20, 2026, Exhibit 99.1 ↗
  18. when the 8-K reporting the amendment was filedJan 20, 2026Our database
  19. the fee WBD owes Netflix in the cases the agreement lists$2.8 billionSEC EDGAR, Form 8-K filed Dec 5, 2025 ↗
  20. one case: WBD ends the agreement to enter into a superior proposalSEC EDGAR, Form 8-K filed Dec 5, 2025 ↗
  21. the fee Netflix owes WBD after a permanent antitrust or foreign regulatory injunction$5.8 billionSEC EDGAR, Form 8-K filed Dec 5, 2025 ↗
  22. either company may terminate the merger agreement, subject to limitsSEC EDGAR, Form 8-K filed Dec 5, 2025 ↗
  23. the End Date and its automatic extensionsMarch 4, 2027; two; threeSEC EDGAR, Form 8-K filed Dec 5, 2025 ↗
  24. WBD announced its separation plan on Jun 9, 2025June 9, 2025; twoSEC EDGAR, Form 8-K filed Feb 27, 2026 ↗
  25. the amendment makes the per-share payment all cash$27.75SEC EDGAR, Form 8-K filed Jan 20, 2026 ↗
  26. WBD terminated the Netflix agreement on Feb 27, 2026 after a superior proposal from PSKYFebruary 27, 2026SEC EDGAR, Form 8-K filed Feb 27, 2026 ↗
  27. WBD and Paramount Skydance Corporation entered into a merger agreement on Feb 27, 2026February 27, 2026SEC EDGAR, Form 8-K filed Feb 27, 2026 ↗
  28. Paramount's per-share cash price$31.00Paramount and WBD press release of Feb 27, 2026, Exhibit 99.1 ↗
  29. the ticking fee Paramount's agreement adds if the deal has not closed by Sep 30, 2026$0.25; September 30, 2026Paramount and WBD press release of Feb 27, 2026, Exhibit 99.1 ↗
  30. PSKY paid Netflix's termination fee on WBD's behalf$2.8 billionSEC EDGAR, Form 8-K filed Feb 27, 2026 ↗
  31. the change in control and the aggregate merger consideration stated in the 8-K filed Oct 6, 2026$78 billionSEC EDGAR, Form 8-K filed Oct 6, 2026 ↗
  32. when the 8-K reporting the change in control was filedOct 6, 2026Our database

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The record

Company
Warner Bros. Discovery (CIK 1437107)
Form
8-K
Accession
0001193125-25-309873
Filed
Dec 5, 2025
Period of report
Dec 3, 2025
Items
1.01 Material agreement, 5.02 Officers, directors or their pay
Open the source ↗
New to this? Learn it in 3 minMergers, acquisitions and tender offers

The deal

Completed

93 filings, from Dec 5, 2025 to Oct 6, 2026.

  1. Dec 5, 2025

    Material agreement, Officers, directors or their pay8-KThis filing

    Item 1.01: the company reports a material agreement. The item doesn't say what the agreement is.

    SEC EDGAR ↗
  2. Dec 5, 2025 – Jan 16, 2026
    Merger communication42531 filings
    1. Dec 5, 2025425Merger communicationStorySEC EDGAR ↗
    2. Dec 5, 2025425Merger communicationStorySEC EDGAR ↗
    3. Dec 5, 2025425Merger communicationStorySEC EDGAR ↗
    4. Dec 5, 2025425Merger communicationStorySEC EDGAR ↗
    5. Dec 8, 2025425Merger communicationStorySEC EDGAR ↗
    6. Dec 8, 2025425Merger communicationStorySEC EDGAR ↗
    7. Dec 8, 2025425Merger communicationStorySEC EDGAR ↗
    8. Dec 8, 2025425Merger communicationStorySEC EDGAR ↗
    9. Dec 8, 2025425Merger communicationStorySEC EDGAR ↗
    10. Dec 8, 2025425Merger communicationStorySEC EDGAR ↗
    11. Dec 8, 2025425Merger communicationStorySEC EDGAR ↗
    12. Dec 8, 2025425Merger communicationStorySEC EDGAR ↗
    13. Dec 9, 2025425Merger communicationStorySEC EDGAR ↗
    14. Dec 15, 2025425Merger communicationStorySEC EDGAR ↗
    15. Dec 17, 2025425Merger communicationStorySEC EDGAR ↗
    16. Dec 17, 2025425Merger communicationStorySEC EDGAR ↗
    17. Dec 17, 2025425Merger communicationStorySEC EDGAR ↗
    18. Dec 17, 2025425Merger communicationStorySEC EDGAR ↗
    19. Dec 17, 2025425Merger communicationStorySEC EDGAR ↗
    20. Dec 17, 2025425Merger communicationStorySEC EDGAR ↗
    21. Dec 17, 2025425Merger communicationStorySEC EDGAR ↗
    22. Dec 19, 2025425Merger communicationStorySEC EDGAR ↗
    23. Dec 22, 2025425Merger communicationStorySEC EDGAR ↗
    24. Dec 23, 2025425Merger communicationStorySEC EDGAR ↗
    25. Jan 6, 2026425Merger communicationStorySEC EDGAR ↗
    26. Jan 7, 2026425Merger communicationStorySEC EDGAR ↗
    27. Jan 7, 2026425Merger communicationStorySEC EDGAR ↗
    28. Jan 7, 2026425Merger communicationStorySEC EDGAR ↗
    29. Jan 7, 2026425Merger communicationStorySEC EDGAR ↗
    30. Jan 15, 2026425Merger communicationStorySEC EDGAR ↗
    31. Jan 16, 2026425Merger communicationStorySEC EDGAR ↗

    A communication about the deal to shareholders or the public, filed under SEC rule 425.

  3. Dec 8, 2025 – Feb 27, 2026
    Tender offerSC TO-T28 filings
    1. Dec 8, 2025SC TO-TTender offerStorySEC EDGAR ↗
    2. Dec 8, 2025SC TO-T/ATender offer, amendedSEC EDGAR ↗
    3. Dec 10, 2025SC TO-T/ATender offer, amendedSEC EDGAR ↗
    4. Dec 11, 2025SC TO-T/ATender offer, amendedSEC EDGAR ↗
    5. Dec 15, 2025SC TO-T/ATender offer, amendedSEC EDGAR ↗
    6. Dec 17, 2025SC TO-T/ATender offer, amendedSEC EDGAR ↗
    7. Dec 19, 2025SC TO-T/ATender offer, amendedSEC EDGAR ↗
    8. Dec 22, 2025SC TO-T/ATender offer, amendedSEC EDGAR ↗
    9. Dec 22, 2025SC TO-T/ATender offer, amendedSEC EDGAR ↗
    10. Dec 22, 2025SC TO-T/ATender offer, amendedSEC EDGAR ↗
    11. Dec 23, 2025SC TO-T/ATender offer, amendedSEC EDGAR ↗
    12. Jan 8, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    13. Jan 9, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    14. Jan 9, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    15. Jan 12, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    16. Jan 20, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    17. Jan 20, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    18. Jan 22, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    19. Jan 26, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    20. Feb 10, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    21. Feb 10, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    22. Feb 17, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    23. Feb 19, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    24. Feb 24, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    25. Feb 25, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    26. Feb 25, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    27. Feb 27, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    28. Feb 27, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗

    A tender offer: an offer made directly to shareholders to buy their shares.

  4. Dec 17, 2025 – Feb 26, 2026
    Response to a tender offerSC 14D912 filings
    1. Dec 17, 2025SC 14D9Response to a tender offerSEC EDGAR ↗
    2. Dec 17, 2025SC 14D9/AResponse to a tender offer, amendedSEC EDGAR ↗
    3. Dec 23, 2025SC 14D9/AResponse to a tender offer, amendedSEC EDGAR ↗
    4. Jan 7, 2026SC 14D9/AResponse to a tender offer, amendedSEC EDGAR ↗
    5. Jan 7, 2026SC 14D9/AResponse to a tender offer, amendedSEC EDGAR ↗
    6. Jan 20, 2026SC 14D9/AResponse to a tender offer, amendedSEC EDGAR ↗
    7. Feb 10, 2026SC 14D9/AResponse to a tender offer, amendedSEC EDGAR ↗
    8. Feb 17, 2026SC 14D9/AResponse to a tender offer, amendedSEC EDGAR ↗
    9. Feb 17, 2026SC 14D9/AResponse to a tender offer, amendedSEC EDGAR ↗
    10. Feb 24, 2026SC 14D9/AResponse to a tender offer, amendedSEC EDGAR ↗
    11. Feb 25, 2026SC 14D9/AResponse to a tender offer, amendedSEC EDGAR ↗
    12. Feb 26, 2026SC 14D9/AResponse to a tender offer, amendedSEC EDGAR ↗

    The target company's response to a tender offer.

  5. Jan 20, 2026

    Material agreement, Reg FD disclosure8-K

    Item 1.01: the company reports a material agreement. The item doesn't say what the agreement is.

    SEC EDGAR ↗
  6. Jan 20, 2026 – Mar 16, 2026
    Merger proxy statement, preliminaryPREM14A2 filings
    1. Jan 20, 2026PREM14AMerger proxy statement, preliminarySEC EDGAR ↗
    2. Mar 16, 2026PREM14AMerger proxy statement, preliminarySEC EDGAR ↗

    The merger proxy statement, the document shareholders vote on. Preliminary and revised versions come before the final one.

  7. Jan 20, 2026 – Apr 16, 2026
    Additional proxy materialDEFA14A11 filings
    1. Jan 20, 2026DEFA14AAdditional proxy materialSEC EDGAR ↗
    2. Feb 4, 2026DEFA14AAdditional proxy materialSEC EDGAR ↗
    3. Feb 10, 2026DEFA14AAdditional proxy materialSEC EDGAR ↗
    4. Feb 17, 2026DEFA14AAdditional proxy materialSEC EDGAR ↗
    5. Feb 17, 2026DEFA14AAdditional proxy materialSEC EDGAR ↗
    6. Feb 24, 2026DEFA14AAdditional proxy materialSEC EDGAR ↗
    7. Feb 25, 2026DEFA14AAdditional proxy materialSEC EDGAR ↗
    8. Feb 26, 2026DEFA14AAdditional proxy materialSEC EDGAR ↗
    9. Mar 2, 2026DEFA14AAdditional proxy materialSEC EDGAR ↗
    10. Mar 26, 2026DEFA14AAdditional proxy materialSEC EDGAR ↗
    11. Apr 16, 2026DEFA14AAdditional proxy materialSEC EDGAR ↗

    Additional material sent to shareholders with the proxy.

  8. Feb 2, 2026 – Feb 9, 2026
    Merger proxy statement, revised preliminaryPRER14A2 filings
    1. Feb 2, 2026PRER14AMerger proxy statement, revised preliminarySEC EDGAR ↗
    2. Feb 9, 2026PRER14AMerger proxy statement, revised preliminarySEC EDGAR ↗

    The merger proxy statement, the document shareholders vote on. Preliminary and revised versions come before the final one.

  9. Feb 17, 2026 – Mar 26, 2026
    Merger proxy statementDEFM14A2 filings
    1. Feb 17, 2026DEFM14AMerger proxy statementStorySEC EDGAR ↗
    2. Mar 26, 2026DEFM14AMerger proxy statementStorySEC EDGAR ↗

    The merger proxy statement, the document shareholders vote on. Preliminary and revised versions come before the final one.

  10. Feb 27, 2026

    Material agreement, Agreement ended, Reg FD disclosure, Other events8-K

    Item 1.01: the company reports a material agreement. The item doesn't say what the agreement is.

    SEC EDGAR ↗
  11. Apr 23, 2026

    Shareholder vote8-K

    Item 5.07: the results of a shareholder vote.

    SEC EDGAR ↗
  12. Oct 6, 2026

    Material agreement, Agreement ended, Acquisition or sale of assets, New financial obligation, Delisting or listing change, Change to security holders' rights, Change in control, Officers, directors or their pay, Charter, bylaws or fiscal year change, Other events8-K

    Item 2.01: the company reports an acquisition or a sale of assets. The 8-K's own text says the transaction was completed.

    SEC EDGAR ↗

An 8-K reports an acquisition or a sale of assets (item 2.01) and its own text says the transaction was completed. It closes this deal: a later filing starts another.

The whole deal →

About Warner Bros. Discovery

Warner Bros. Discovery page →
Revenue$37.3 billionYear to Dec 31, 2025 · −5.15% year over year
Operating income$738 millionYear to Dec 31, 2025 · +107.36% year over year
Net income$727 millionYear to Dec 31, 2025 · +106.43% year over year

Source: SEC EDGAR XBRL financial data · filed Aug 6, 2026

Open roles
No public hiring feed we can read
Layoffs, 12 months
No WARN notices in the US states we read

Sources

  1. SEC EDGAR, Form 8-K filed Dec 5, 2025
  2. How we collect our data
Warner Bros. Discovery

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