Netflix to acquire Warner Bros. for $82.7B enterprise value; WBD to separate Discovery Global first

Warner Bros. Discovery, Inc.

• Deal consideration: $23.25 cash + $4.50 in Netflix stock per WBD share, total $27.75/share; stock subject to collar between $97.91 and $119.67 VWAP.
• Enterprise value $82.7B (equity $72.0B). Expected to close in 12-18 months, after WBD spins off Discovery Global (Q3 2026).
• Cost synergies expected at least $2-3B annually by year three; deal accretive to GAAP EPS by year two.
• Gunnar Wiedenfels to become CEO of Discovery Global, the standalone company holding CNN, TNT Sports, Discovery+.
• Transaction approved by both boards; subject to regulatory approvals, WBD shareholder vote, and separation completion.