Netflix to acquire Warner Bros. Discovery for $23.25 cash plus stock; up to $59B debt financing

NETFLIX INC

Netflix to acquire WBD for $23.25 cash + stock (exchange ratio 0.0376-0.0460 based on NFLX avg price).
WBD to spin off Global Linear Networks (SpinCo) to shareholders before closing; net debt adjustment applies.
Netflix secured $59B bridge loan from Wells Fargo, BNP Paribas, HSBC to fund cash portion.
Transaction expected close by March 2027, subject to WBD stockholder vote and regulatory approvals.
Termination fees: WBD pays Netflix $2.8B; Netflix pays WBD $5.8B if antitrust-related failure.

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