---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-309911"
form_type: "8-K/A"
ticker: "NFLX"
cik: "0001065280"
company_name: "NETFLIX INC"
filed_at: "2025-12-05T23:59:59+00:00"
generated_at: "2026-05-16T14:11:25.582594+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# Netflix agrees to acquire Warner Bros. Discovery for cash and stock

## Summary
- Each WBD share converted into cash (Per Share Cash Amount) and Netflix stock (Exchange Ratio).
- WBD to spin off Spinco Business to its stockholders prior to closing.
- Transaction includes a Holdco Reorganization intended to be tax-free under Section 368(a)(1)(F).
- Deal requires WBD stockholder approval and regulatory clearances; termination fees apply.
- Merger agreement dated December 4, 2025, with closing expected after conditions satisfied.

## SEC filing metadata
- accession: 0001193125-25-309911
- form_type: 8-K/A
- ticker: NFLX
- cik: 0001065280
- company_name: NETFLIX 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: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1065280/000119312525309911/0001193125-25-309911-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1065280/000119312525309911/d45027d8ka.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-309911
- JSON: https://secwatch.observer/filing/0001193125-25-309911.json
- Plain text: https://secwatch.observer/filing/0001193125-25-309911.txt

## Key facts
- Material Agreements
  NETFLIX INC entered into Agreement and Plan of Merger.
  - Action: entry
  - Agreement: merger
  source text: as Exhibit 2.1 to the Original 8-K. The Merger Agreement as filed hereto as Exhibit 2.1 supersedes the Merger Agreement filed as Exhibit 2.1 to the Original 8-K and is incorporated by reference into Item 1.01 of the Original 8-K
  evidence_url: https://www.sec.gov/Archives/edgar/data/1065280/000119312525309911/0001193125-25-309911-index.htm

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