Highest-materiality recent filing
Skydance closes $78B acquisition of Warner Bros. Discovery; WBD holders get $31.0167/share cash
Skydance (f/k/a Paramount Skydance) closed its $78B acquisition of WBD on Oct 6, 2026; each WBD share converted into $31.01666668 cash, including $0.00277778/day ticking consideration.
Total revenues $8.717B, down 11% reported (12% ex-FX); net income $149M vs $1.58B prior year.
Warner Bros. Discovery enters $14.7B first-lien credit agreement to repay bridge loan
Discovery Global Holdings borrowed $13B USD and €1.717B euro term loans on June 4, 2026.
Consents received for all 16 series of WBD senior notes, with participation ranging from 79% to 99% of outstanding principal.
WBD subsidiaries seek noteholder consents to amend indentures tied to Paramount acquisition
Consent solicitations for 17 series of senior notes with aggregate principal ~$16.6B; consent fee $2.50 per $1,000.
WBD Q1 net loss $2.9B includes $2.8B Netflix termination fee; Adj EBITDA +5%
Net loss available to WBD of $2.916B ($1.17 diluted EPS) vs $453M loss YoY; $2.8B Netflix termination fee.
Special meeting votes: 1.74B shares for adoption of Merger Agreement, 16.3M against, 2.4M abstain.
WBD enters tax reimbursement pact with CEO Zaslav for merger excise tax
Agreement reimburses Zaslav for any Section 4999 excise tax on merger payments, placing him in same after-tax position.
All-cash deal: $31.00 per share plus ticking consideration of $0.00277778/day after Sept 30, 2026 (max $0.25/90 days).
WBD Q4 revenue falls 6% to $9.46B; net loss $252M; streaming adds 3.5M subs
Q4 revenue $9.46B (down 6% YoY); net loss $252M vs loss $494M a year ago; adjusted EBITDA $2.22B (down 19%).
Bridge loan maturity extended to earlier of June 30, 2027 or completion of Linear Business spin-off.
WBD-Netflix merger amended to all-cash $27.75/share; SpinCo net debt reduced to ~$17B
Merger consideration changed to $27.75 per share entirely in cash, removing previous cash-and-stock mix.
CEO Zaslav gets 3.05M stock options (strike $28.51) plus 1.96M make-whole RSUs
Follow-On Options of 3,052,734 shares granted Jan 2, 2026 at $28.51 exercise price.
Netflix to acquire Warner Bros. for $82.7B enterprise value; WBD to separate Discovery Global first
Deal consideration: $23.25 cash + $4.50 in Netflix stock per WBD share, total $27.75/share; stock subject to collar between $97.91 and $119.67 VWAP.
Warner Bros. Discovery agrees to be acquired by Netflix in cash-and-stock deal
WBD stockholders to receive $23.25 cash per share plus Netflix shares at exchange ratio between 0.0376 and 0.0460.
Warner Bros. Discovery amends CEO Zaslav's employment agreement amid strategic review
Board initiated a strategic review of alternatives after unsolicited interest, considering full-company or separate transactions for Warner Bros. and Discovery Global.
Warner Bros. Discovery Q3 net loss $148M; revenue down 6% YoY but streaming subs up to 128M
Revenue $9.045B, down 6% YoY; net loss $148M vs income $135M.
WBD Q2 net income $1.58B; adj. EBITDA +9% to $1.95B; streaming subs 125.7M
Revenue $9.812B (+1% YoY); content rev +17% to $2.471B; Studios rev +55% to $3.801B.
WBD outlines post-separation exec roles for Campbell & Perrette with $2.3M base, $9.5M 2025 equity
Campbell to become COO of Warner Bros. post-split; current salary $2.946M, new salary $2.3M, equity target $11.6M/year.
WBD subsidiary enters $17B bridge loan to fund tender offers, spinoff of Streaming & Studios
WarnerMedia Holdings signed $17.0B bridge loan on June 26, 2025, drawn June 30.
Pool 1 Notes tendered exceeded $3.75B cap; proration expected for WMH 3.755% 2027 notes.
WBD CEO Zaslav gets 20.9M stock options tied to separation; Wiedenfels set as CEO of Global Networks
Zaslav receives 20,898,776 performance- and time-based stock options; 92% forfeitable if separation not completed by Dec 31, 2026.
Warner Bros. Discovery enters new CEO/CFO employment agreements tied to planned separation
CEO Zaslav receives signing options for 20.9M shares at $10.16; 92% forfeit if separation not closed by Dec 31, 2026.
Warner Bros. Discovery to split into two public companies; launches $14.6B debt tender
Separation into Streaming & Studios (HBO, WB, DC) and Global Networks (CNN, TNT, Discovery); tax-free, closing by mid-2026.
WBD shareholders reject say-on-pay; approve special-meeting right for 20% holders
Say-on-pay failed with 1.06B votes against vs 724M for (non-binding advisory).
WBD Q1 revenue down 10% to $8.98B; streaming EBITDA surges to $339M
Revenue $8.98B (-10% reported, -9% ex-FX); net loss narrowed to $453M from $966M.
WBD Q4 revenue down 2%, net loss widens; DTC turns profitable with $409M EBITDA
Q4 revenue $10.0B (-2% YoY); net loss $(494)M vs $(400)M; Adj. EBITDA $2.7B (+11% ex-FX).
Warner Bros. Discovery subsidiary to redeem $1.5B of 6.412% notes due 2026 via new term loan
WarnerMedia Holdings issued conditional notice to redeem all $1.5B of its 6.412% Senior Notes due 2026.
Warner Bros. Discovery appoints Anthony Noto and Joey Levin to Board of Directors
Board expanded to 13 directors (12 independent); Noto effective Jan 8, Levin effective Feb 1, 2025.
WBD announces corporate reorganization into two divisions to unlock shareholder value
Company will create two operating divisions: Global Linear Networks and Streaming & Studios.
WBD Q3 net income $135M; revenue $9.6B (-3% ex-FX); DTC subs add 7.2M
Net income available to WBD was $135M vs loss of $417M in Q3 2023; includes $1.6B pre-tax amortization and restructuring.
WBD Q2 net loss $9.99B on $9.1B goodwill impairment; revenue down 5% ex-FX
Net loss includes $9.1B non-cash goodwill impairment in Networks segment triggered by market cap decline, linear ad softness, and NBA uncertainty.
Warner Bros. Discovery upsizes debt tender offer cap to $2.5B
Aggregate purchase price cap increased from $1.75B to $2.5B (excluding accrued interest).
Total revenues $9,958M, down 7% ex-FX; net loss $966M includes $1,879M amortization/restructuring.
WBD Q4 revenue $10.28B (-7% ex-FX); net loss $400M, adjusted EBITDA $2.47B (-5% ex-FX)
Q4 revenue $10,284M, down 7% ex-FX YoY; Studios revenue down 18% ex-FX, Networks down 8% ex-FX, DTC up 3% ex-FX.
In accordance with the terms of the Merger Agreement, as a result of the Merger, each of David M. Zaslav, Gunnar Wiedenfels, Priya Aiyar, Bruce L. Campbell, Jean-Briac Perrette and Lori Locke ceased to be an officer of WBD as of the Effective Time.
In accordance with the terms of the Merger Agreement, as a result of the Merger, each of Samuel A. Di Piazza, Jr., David M. Zaslav, Richard W. Fisher, Paul A. Gould, Debra L. Lee, Joseph M. Levin, Anton J. Levy, Kenneth W. Lowe, Fazal Merchant, Anthony J. Noto, Paula A. Price, Daniel E. Sanchez and Geoffrey Y. Yang ceased to be a director of WBD as of the Effective Time.
In accordance with the terms of the Merger Agreement, as a result of the Merger, each of Samuel A. Di Piazza, Jr., David M. Zaslav, Richard W. Fisher, Paul A. Gould, Debra L. Lee, Joseph M. Levin, Anton J. Levy, Kenneth W. Lowe, Fazal Merchant, Anthony J. Noto, Paula A. Price, Daniel E. Sanchez and Geoffrey Y. Yang ceased to be a director of WBD as of the Effective Time.
In accordance with the terms of the Merger Agreement, as a result of the Merger, each of Samuel A. Di Piazza, Jr., David M. Zaslav, Richard W. Fisher, Paul A. Gould, Debra L. Lee, Joseph M. Levin, Anton J. Levy, Kenneth W. Lowe, Fazal Merchant, Anthony J. Noto, Paula A. Price, Daniel E. Sanchez and Geoffrey Y. Yang ceased to be a director of WBD as of the Effective Time.
In accordance with the terms of the Merger Agreement, as a result of the Merger, each of Samuel A. Di Piazza, Jr., David M. Zaslav, Richard W. Fisher, Paul A. Gould, Debra L. Lee, Joseph M. Levin, Anton J. Levy, Kenneth W. Lowe, Fazal Merchant, Anthony J. Noto, Paula A. Price, Daniel E. Sanchez and Geoffrey Y. Yang ceased to be a director of WBD as of the Effective Time.
In accordance with the terms of the Merger Agreement, as a result of the Merger, each of Samuel A. Di Piazza, Jr., David M. Zaslav, Richard W. Fisher, Paul A. Gould, Debra L. Lee, Joseph M. Levin, Anton J. Levy, Kenneth W. Lowe, Fazal Merchant, Anthony J. Noto, Paula A. Price, Daniel E. Sanchez and Geoffrey Y. Yang ceased to be a director of WBD as of the Effective Time.
In accordance with the terms of the Merger Agreement, as a result of the Merger, each of Samuel A. Di Piazza, Jr., David M. Zaslav, Richard W. Fisher, Paul A. Gould, Debra L. Lee, Joseph M. Levin, Anton J. Levy, Kenneth W. Lowe, Fazal Merchant, Anthony J. Noto, Paula A. Price, Daniel E. Sanchez and Geoffrey Y. Yang ceased to be a director of WBD as of the Effective Time.
In accordance with the terms of the Merger Agreement, as a result of the Merger, each of Samuel A. Di Piazza, Jr., David M. Zaslav, Richard W. Fisher, Paul A. Gould, Debra L. Lee, Joseph M. Levin, Anton J. Levy, Kenneth W. Lowe, Fazal Merchant, Anthony J. Noto, Paula A. Price, Daniel E. Sanchez and Geoffrey Y. Yang ceased to be a director of WBD as of the Effective Time.
In accordance with the terms of the Merger Agreement, as a result of the Merger, each of David M. Zaslav, Gunnar Wiedenfels, Priya Aiyar, Bruce L. Campbell, Jean-Briac Perrette and Lori Locke ceased to be an officer of WBD as of the Effective Time.
In accordance with the terms of the Merger Agreement, as a result of the Merger, each of Samuel A. Di Piazza, Jr., David M. Zaslav, Richard W. Fisher, Paul A. Gould, Debra L. Lee, Joseph M. Levin, Anton J. Levy, Kenneth W. Lowe, Fazal Merchant, Anthony J. Noto, Paula A. Price, Daniel E. Sanchez and Geoffrey Y. Yang ceased to be a director of WBD as of the Effective Time.
In accordance with the terms of the Merger Agreement, as a result of the Merger, each of Samuel A. Di Piazza, Jr., David M. Zaslav, Richard W. Fisher, Paul A. Gould, Debra L. Lee, Joseph M. Levin, Anton J. Levy, Kenneth W. Lowe, Fazal Merchant, Anthony J. Noto, Paula A. Price, Daniel E. Sanchez and Geoffrey Y. Yang ceased to be a director of WBD as of the Effective Time.
In accordance with the terms of the Merger Agreement, as a result of the Merger, each of David M. Zaslav, Gunnar Wiedenfels, Priya Aiyar, Bruce L. Campbell, Jean-Briac Perrette and Lori Locke ceased to be an officer of WBD as of the Effective Time.
Max materiality 1.00 · Median 0.65 · Most common event debt