{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-25-308759","form_type":"8-K","ticker":"WBD","cik":"0001437107","company_name":"Warner Bros. Discovery, Inc.","filed_at":"2025-12-05T23:59:59+00:00","discovered_at":"2026-05-14T18:02:39.411284+00:00","generated_at":"2026-05-16T14:13:43.962276+00:00","sec_items":["7.01","8.01","9.01"],"event_type":"m_and_a","sentiment":"positive","materiality_score":1.0,"calibrated_materiality_score":1.0,"confidence":"high","headline":"Netflix to acquire Warner Bros. for $82.7B enterprise value; WBD to separate Discovery Global first","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-25-308759","json":"https://secwatch.observer/filing/0001193125-25-308759.json","markdown":"https://secwatch.observer/filing/0001193125-25-308759.md","text":"https://secwatch.observer/filing/0001193125-25-308759.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1437107/000119312525308759/0001193125-25-308759-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1437107/000119312525308759/d16580d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T14:13:43.962276+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}