---
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"
generated_at: "2026-05-16T14:13:43.962276+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: m_and_a
- sentiment: positive
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 7.01, 8.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-308759
- JSON: https://secwatch.observer/filing/0001193125-25-308759.json
- Plain text: https://secwatch.observer/filing/0001193125-25-308759.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.