secwatch.observer — SEC 8-K summary
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Issuer:     Warner Bros. Discovery, Inc. (WBD)
CIK:        0001437107
Form:       8-K
Filed at:   2026-02-27T23:59:59+00:00
Accession:  0001437107-26-000018
Event type: m_and_a
Sentiment:  positive
Materiality: 1.00
Item codes: 1.01, 1.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

WBD to be acquired by Paramount Skydance for $31.00 per share in cash; prior Netflix merger terminated
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- All-cash deal: $31.00 per share plus ticking consideration of $0.00277778/day after Sept 30, 2026 (max $0.25/90 days).
- PIPE financing: Ellison parties commit up to $46.72B, RedBird $250M; no financing condition for closing.
- Termination of prior Netflix merger (Jan 19, 2026); WBD pays a Netflix termination fee (undisclosed amount).
- Company termination fee $3B if WBD accepts a superior proposal; regulatory termination fee $7B if antitrust blocks.
- Closing conditional on WBD stockholder approval and regulatory clearances; boards unanimously approved.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1437107/000143710726000018/0001437107-26-000018-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1437107/000143710726000018/disca-20260227.htm
  HTML page:      https://secwatch.observer/filing/0001437107-26-000018

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer