Netflix is poised to acquire Warner Bros. Discovery’s streaming and studio business in a major media-shifting deal.
The streamer has agreed to purchase the spun-off versions for $72 billion (and an enterprise value of $82.7 billion), pending regulatory approval and the completion of WBD’s spinoff of Discovery Global.
From Friday’s press release:
The cash and stock transaction is valued at $27.75 per WBD share (subject to a collar as detailed below), with a total enterprise value of approximately $82.7 billion (equity value of $72.0 billion). The transaction is expected to close after the previously announced separation of WBD’s Global Networks division, Discovery Global, into a new publicly-traded company, which is now expected to be completed in Q3 2026.
The pending acquisition was announced on Friday, completing a bidding process that included Paramount Skydance, and Comcast.
If approved, it will mean that HBO Max will fall under the new Netflix ownership, while WBD’s cable assets will be under the ownership of the spun-off Discovery Global. AEW has existing deals under both banners for its core programming and pay-per-views.
The press release states an expected close to the deal in 12 – 18 months, although many have cited the potential regulatory hurdles that could be a barrier to completion.
Netflix is in year one of a ten-year deal with WWE for the rights to Raw and WWE programming internationally, worth $5 billion over the term.
In October 2024, AEW signed an extension with WBD for Dynamite and Collision to remain on TBS & TNT, along with its programming being simulcast on HBO Max. The deal is believed to be valued between $170 – $185 million in average annual value.
