Netflix to Acquire Warner Bros. Discovery Studios and HBO in $72 Billion Deal

Overview

• The cash‑and‑stock agreement values WBD at $27.75 per share, implying about $72 billion in equity and $82.7 billion in enterprise value.
• The purchase covers Warner Bros.’ film and TV studios and HBO/HBO Max, while CNN, TNT, TBS and other cable networks will be spun into Discovery Global before closing.
• Regulators and lawmakers have already flagged competition concerns, signaling an extensive antitrust review in the U.S. and abroad.
• Netflix reportedly agreed to a $5 billion breakup fee if the deal is blocked, with prior reports describing a largely cash offer.
• Paramount Skydance and Comcast lost the bidding; Paramount has protested the sale process as “tainted,” even as Netflix has sought to reassure creatives by pledging continued theatrical releases for Warner films.