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Netflix and Warner Bros. Discovery amend their merger agreement so $27.75 a share is paid in cash

The amended and restated agreement of Jan 19, 2026 replaces the mix of cash and Netflix stock with cash alone; the price per share is unchanged.

From the public record2 min read

Published Filed
Form8-K
FiledJan 20
Items1.01, 7.01
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.

Netflix and Warner Bros. Discovery entered into an amended and restated merger agreement on Jan 19, 2026, and Warner Bros. Discovery reported it in an 8-K filed Jan 20, 2026. An 8-K is the report a US-listed company files when something material happens, and item 1.01 is the entry into a material agreement. The $27.75 a share that Warner Bros. Discovery stockholders were to receive would be paid entirely in cash, instead of cash plus shares of Netflix common stock. The companies' joint press release said the price was unchanged from the earlier structure and that stockholders would also receive shares of Discovery Global once it was separated from Warner Bros. Discovery. It added that the revised agreement simplified the structure and gave stockholders greater certainty of value.123456

Warner Bros. Games, a Warner Bros. Discovery company, publishes Hogwarts Legacy, Mortal Kombat 1, Mortal Kombat Mobile, Gotham Knights, Suicide Squad: Kill the Justice League and LEGO Batman: Legacy of the Dark Knight. The 8-K had Netflix taking the Streaming and Studios segments once the Global Linear Networks segment was separated; Discovery Global, a new subsidiary, was to own assets and businesses Netflix was not acquiring. The text we hold of the 8-K and the press release does not say on which side of that split Warner Bros. Games falls.789101112

Closing was subject to the Discovery Global separation, a majority stockholder vote and the end of the Hart-Scott-Rodino antitrust waiting period, among other conditions, and had no financing condition. Unchanged from the original agreement, Netflix would owe Warner Bros. Discovery $5.8 billion in cash if either side ended the agreement because the regulatory closing conditions were still unmet at the end date while the other conditions were met, or because an antitrust or foreign regulatory injunction permanently barred the closing, and Warner Bros. Discovery would owe Netflix $2.8 billion in certain cases, such as ending the agreement to sign a superior proposal. The amendment also lowered by $260 million the net debt target for the spun-off company, set at $17.0 billion as of Jun 30, 2026 and falling to $16.1 billion as of Dec 31, 2026.1314151617181920212223

The original agreement is dated Dec 4, 2025, and Warner Bros. Discovery reported it in an 8-K filed Dec 5, 2025. A press release attached to another 8-K filed the same day valued that cash-and-stock deal at $27.75 a share, with an enterprise value of about $82.7 billion and an equity value of $72.0 billion. Enterprise value is the shares plus debt, less cash; equity value is the shares alone. On Dec 8, 2025, Paramount Skydance Corp filed an SC TO-T, the form for a tender offer to shareholders, here for Warner Bros. Discovery's shares. On Feb 27, 2026, Warner Bros. Discovery terminated this agreement and entered into a merger agreement with Paramount Skydance, and an 8-K filed Oct 6, 2026 reports that merger completed.2425262728293031323334353637

How each figure was checked37 facts
  1. WBD and Netflix entered into the amended and restated agreement on Jan 19, 2026January 19, 2026SEC EDGAR, Form 8-K filed Jan 20, 2026 ↗
  2. when the 8-K was filedJan 20, 2026Our database
  3. the 8-K's items1.01, 7.01, 9.01Our database
  4. the $27.75 a share merger consideration becomes all cash instead of cash and Netflix stock$27.75 per shareSEC EDGAR, Form 8-K filed Jan 20, 2026 ↗
  5. the press release says the price is unchanged and stockholders also get Discovery Global shares$27.75 per WBD shareJoint press release of Netflix and Warner Bros. Discovery, Jan 20, 2026 (Exhibit 99.1) ↗
  6. what the companies say the revised agreement doesthe companies' stated reasonsJoint press release of Netflix and Warner Bros. Discovery, Jan 20, 2026 (Exhibit 99.1) ↗
  7. games Warner Bros. Games 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
  8. Warner Bros. Games' parentWarner Bros. DiscoveryOur database
  9. the Global Linear Networks segment is separatedGlobal Linear Networks segment separatedSEC EDGAR, Form 8-K filed Jan 20, 2026 ↗
  10. the retained company holds the Streaming and Studios segmentsStreaming and Studios segmentsSEC EDGAR, Form 8-K filed Jan 20, 2026 ↗
  11. Discovery Global would own assets and businesses not being acquired by NetflixDiscovery GlobalSEC EDGAR, Form 8-K filed Jan 20, 2026 ↗
  12. what our records hold of this filingWe hold the text of this filing's 8-K with items 1.01, 7.01, 9.01; EX-99.1 (EX-99.1). We do not hold the filing's other exhibits, and nothing else of it is held: a sentence about what the filing does not say is about the text we hold.Our database
  13. two closing conditionsclosing conditions: the separation and a majority stockholder voteSEC EDGAR, Form 8-K filed Jan 20, 2026 ↗
  14. a closing condition is the end of the Hart-Scott-Rodino waiting periodHart-Scott-Rodino waiting periodSEC EDGAR, Form 8-K filed Jan 20, 2026 ↗
  15. closing is not subject to a financing conditionno financing conditionSEC EDGAR, Form 8-K filed Jan 20, 2026 ↗
  16. the termination fee terms are unchangedunchanged from the original agreementSEC EDGAR, Form 8-K filed Jan 20, 2026 ↗
  17. fee Netflix owes WBD in the regulatory case$5,800,000,000SEC EDGAR, Form 8-K filed Jan 20, 2026 ↗
  18. a trigger of the fee Netflix owes: regulatory conditions unmet at the end dateregulatory closing conditions unmet at the end date, other conditions satisfied or waivedSEC EDGAR, Form 8-K filed Jan 20, 2026 ↗
  19. one trigger of the fee Netflix owesantitrust or foreign regulatory injunctionSEC EDGAR, Form 8-K filed Jan 20, 2026 ↗
  20. fee WBD owes Netflix$2,800,000,000SEC EDGAR, Form 8-K filed Jan 20, 2026 ↗
  21. one trigger of the fee WBD owes, unchanged from the original agreementterminating to take a superior proposalSEC EDGAR, Form 8-K filed Jan 20, 2026 ↗
  22. net debt of the spun-off company was cut by $260 million$260 millionSEC EDGAR, Form 8-K filed Jan 20, 2026 ↗
  23. specified net debt of the spun-off company$17.0 billion as of June 30, 2026; $16.1 billion as of December 31, 2026SEC EDGAR, Form 8-K filed Jan 20, 2026 ↗
  24. the original agreement is dated Dec 4, 2025December 4, 2025SEC EDGAR, Form 8-K filed Jan 20, 2026 ↗
  25. when WBD filed the 8-K for the original agreementDec 5, 2025Our database
  26. per-share value of the original Netflix deal$27.75 per WBD sharePress release attached to the 8-K filed Dec 5, 2025 ↗
  27. enterprise value of the original Netflix deal$82.7 billionPress release attached to the 8-K filed Dec 5, 2025 ↗
  28. equity value of the original Netflix deal$72.0 billionPress release attached to the 8-K filed Dec 5, 2025 ↗
  29. when the second 8-K that carries the Dec 5, 2025 press release was filedDec 5, 2025Our database
  30. when the SC TO-T was filedDec 8, 2025Our database
  31. the form of the Dec 8, 2025 filingSC TO-TOur database
  32. the filer EDGAR's header names on the SC TO-TParamount Skydance CorpOur database
  33. the subject company of the SC TO-TWarner Bros. DiscoveryOur database
  34. WBD terminated the Netflix agreement on Feb 27, 2026February 27, 2026SEC EDGAR, Form 8-K filed Feb 27, 2026 ↗
  35. WBD and Paramount Skydance entered into a merger agreement on Feb 27, 2026February 27, 2026SEC EDGAR, Form 8-K filed Feb 27, 2026 ↗
  36. when WBD filed the 8-K reporting the completionOct 6, 2026Our database
  37. the merger with Paramount Skydance was consummatedMerger consummatedSEC EDGAR, Form 8-K filed Oct 6, 2026 ↗

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The record

Company
Warner Bros. Discovery (CIK 1437107)
Form
8-K
Accession
0001193125-26-015949
Filed
Jan 20, 2026
Period of report
Jan 19, 2026
Items
1.01 Material agreement, 7.01 Reg FD disclosure
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-K

    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-KThis filing

    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 Jan 20, 2026
  2. How we collect our data
Warner Bros. Discovery

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