---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-309873"
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: "2026-05-16T14:13:55.719831+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-309873
- 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: neutral
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1437107/000119312525309873/0001193125-25-309873-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1437107/000119312525309873/d73469d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-309873
- JSON: https://secwatch.observer/filing/0001193125-25-309873.json
- Plain text: https://secwatch.observer/filing/0001193125-25-309873.txt

## Key facts
- Material Agreements
  Warner Bros. Discovery, Inc. entered into Agreement and Plan of Merger with Netflix, Inc., Nightingale Sub, Inc., New Topco 25, Inc. (effective 2025-12-04).
  - Action: entry
  - Agreement: merger
  - Counterparty: Netflix, Inc., Nightingale Sub, Inc., New Topco 25, Inc.
  - Effective: 2025-12-04
  source text: On December 4, 2025, Warner Bros. Discovery, Inc., a Delaware corporation (“WBD”), Netflix, Inc., a Delaware corporation (“Netflix”), Nightingale Sub, Inc., a Delaware corporation and wholly owned subsidiary of Netflix (“Merger Sub”), and New Topco 25, Inc., a newly formed Delaware corporation and wholly owned subsidiary of WBD (“NewCo”), entered into an Agreement and Plan of Merger (the “Merger Agreement”),
  evidence_url: https://www.sec.gov/Archives/edgar/data/1437107/000119312525309873/0001193125-25-309873-index.htm

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