Netflix revises WBD acquisition to all-cash $27.75/sh; ups bridge financing to $42.2B

NETFLIX INC

Merger consideration changed to all cash at $27.75 per share; original deal included Netflix stock component.
Bridge financing increased from $34B to $42.2B under Incremental Commitments Agreement dated Jan 19, 2026.
SpinCo (WBD linear networks) net debt set at $17.0B, reduced $260M from original $17.26B.
Deal expected to close by March 4, 2027, with two 3-month extensions possible; termination fee: WBD $2.8B, Netflix $5.8B.
WBD stockholders will receive SpinCo shares via pro-rata distribution before the all-cash merger closes.

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