Netflix To Buy Warner Bros. Discovery In $82.7 Bln Cash, Stock Deal
Netflix announced an agreement to acquire Warner Bros. Discovery for $82.7 billion in a cash and stock deal. The acquisition includes Warner Bros.' film and television studios, HBO Max, and HBO. The deal values Warner Bros. shares at $27.75 each, with $23.25 in cash and $4.50 in Netflix stock. The acquisition is expected to close after the separation of Warner Bros. Discovery's Global Networks division in fiscal 2026.
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Streaming video giant Netflix, Inc. (NFLX) announced Friday an agreement to acquire media major Warner Bros. Discovery, Inc. (WBD) for a total enterprise value of approximately $82.7 billion, or an equity value of $72.0 billion.
In the pre-market activity, Netflix is down 2.8%, while Warner Bros is gaining 1.5%.
The cash and stock deal to acquire Warner Bros., including its film and television studios HBO Max and HBO, is valued at $27.75 per WBD share. The per share price comprises $23.25 in cash and $4.50 in shares of Netflix common stock.
The acquisition is expected to close after the previously announced separation of Warner Bros. Discovery's Global Networks division, Discovery Global, into a new publicly-traded company. The planned separation is now expected to be completed in the third quarter of fiscal 2026.
Under the deal, Netflix said its innovation, global reach and best-in-class streaming service will be combined with Warner Bros.' century-long legacy of storytelling.
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