Netflix, Inc. today welcomed the Warner Bros. Discovery (WBD) Board of Directors’ continued commitment to the merger agreement between Netflix and WBD, and its unanimous recommendation that stockholders reject the revised offer from Paramount Skydance Corporation (PSKY), announced December 22, 2025.
After a comprehensive and rigorous review process with its independent financial and legal advisors, the WBD Board reaffirmed its conclusion that the transaction with Netflix is in the best interests of WBD stockholders.
“The WBD Board remains fully supportive of and continues to recommend Netflix’s merger agreement, recognizing it as the superior proposal that will deliver the greatest value to its stockholders, as well as consumers, creators and the broader entertainment industry,” said Ted Sarandos and Greg Peters, co-CEOs of Netflix. “Netflix and Warner Bros. will bring together highly complementary strengths and a shared passion for storytelling. By joining forces, we will offer audiences even more of the series and films they love—at home and in theaters—expand opportunities for creators, and help foster a dynamic, competitive, and thriving entertainment industry.”
Under the terms of the agreement announced December 5, 2025, Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO, in a cash-and-stock transaction valued at $27.75 per WBD share, with a total enterprise value of approximately $82.7 billion (equity value of $72.0 billion). The financing structure is not subject to review by the Committee on Foreign Investment in the United States (CFIUS). The transaction preserves the planned separation of WBD’s Global Linear Networks business, Discovery Global, which is expected to be completed in Q3 2026.
Netflix has submitted its Hart-Scott-Rodino (HSR) filing and is engaging with competition authorities, including the U.S. Department of Justice and European Commission. Netflix remains committed to working closely with WBD, regulators, and all stakeholders to ensure a smooth and successful transaction. As previously disclosed, the transaction is expected to close in 12-18 months from the date that Netflix and WBD originally entered into their merger agreement.
A dedicated website providing ongoing information and resources about the transaction is available at netflixwbtogether.com.
