Warner Bros. Discovery agreed in December 2025 that Netflix would acquire Warner Bros. at an enterprise value of about $82.7 billion

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Warner Bros. Discovery (WBD) entered into a merger agreement with Netflix on Dec 4, 2025, under which Netflix would acquire Warner Bros., including its film and television studios, HBO Max and HBO. The joint press release put the deal at an enterprise value of approximately $82.7 billion, and an equity value of approximately $72.0 billion, and said each WBD share would receive $23.25 in cash and $4.501 in Netflix stock, with the stock part subject to a collar on Netflix’s share price. The companies said then that the deal was expected to close after WBD separated its Global Networks division as Discovery Global, a separation they expected to be completed in Q3 2026. WBD reported the agreement in an 8-K, a US company’s report of a material event, which attached the joint press release issued Dec 5, 2025.1^,2^,3^,4^,5^,6^,7^,8