WBD-Netflix merger amended to all-cash $27.75/share; SpinCo net debt reduced to ~$17B

Warner Bros. Discovery, Inc.

Merger consideration changed to $27.75 per share entirely in cash, removing previous cash-and-stock mix.
SpinCo (Global Linear Networks) to carry net debt of $17.0B as of June 30, 2026, down $260M from original.
WBD stockholders receive one NewCo share, then SpinCo shares, then NewCo acquired by Netflix for cash.
Company termination fee unchanged at $2.8B; Netflix reverse termination fee $5.8B in cash.
Closing requires WBD stockholder vote, regulatory approvals, and completion of separation and distribution.

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