Warner Bros. Discovery agrees to be acquired by Netflix in cash-and-stock deal

Warner Bros. Discovery, Inc.

WBD stockholders to receive $23.25 cash per share plus Netflix shares at exchange ratio between 0.0376 and 0.0460.
Prior to merger, WBD will spin off its Global Linear Networks business into SpinCo via distribution to shareholders.
WBD must pay $2.8B termination fee if it accepts a superior proposal; Netflix must pay $5.8B if regulatory issues block deal.
Transaction expected to close by March 4, 2027, subject to regulatory approvals and WBD stockholder vote.
Boards of both companies unanimously approved the merger agreement.

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