AcquisitionJan 20, 2026Terminated
🇺🇸 United States
WBWarner Bros. Discovery, Inc.NNetflix, Inc.
Media & Telecom › Media & Entertainment
Deal valueUndisclosed
AnnouncedJan 20, 2026
ConsiderationCash
StructureOne-step merger
RegionNorth America
Cross-borderNo
Contingent paymentNo
Overview
Netflix and Warner Bros. Discovery amended their definitive merger agreement so that Netflix agreed to acquire Warner Bros. for all cash at $27.75 per WBD share, plus shares of Discovery Global after its separation from WBD.
Deal rationale
The all-cash structure gives WBD stockholders greater value certainty and speeds up the path to a stockholder vote, while combining two leading storytelling companies.
AI-generated from the SEC filingTerminatedMedia & Telecom › Media & EntertainmentUnited StatesNorth America
Timeline
- TerminatedFeb 27, 2026
The target ended this agreement and signed with Paramount Skydance Corporation.
Filing
Valuation and terms
| Equity value | Undisclosed | |
|---|---|---|
| Enterprise value | Undisclosed | |
| Consideration | Cash |
Advisors
Buy-side
MMoelis & CompanyWFWells Fargo
Sell-side
AAllen & CompanyEEvercoreJPJ.P. Morgan
Parties
Target
WBWarner Bros. Discovery, Inc.
- Headquarters
- United States
- Ticker
- —
Acquirer
NNetflix, Inc.
- Headquarters
- United States
- Ticker
- —