Form 8-K · Current Report · Filed 2025-12-05
Netflix Announces Merger with Warner Bros. Discovery for $82.7 Billion
On December 5, 2025, Netflix, Inc. announced a definitive agreement to acquire Warner Bros. Discovery, Inc. (WBD) for a total enterprise value of $82.7 billion. The transaction, valued at $27.75 per WBD share, combines Netflix's streaming service with WBD's film and television studios, HBO Max, and HBO. Each WBD shareholder will receive $23.25 in cash and $4.50 in Netflix common stock. The merger is expected to close in 12-18 months, subject to regulatory approvals, the separation of WBD's Global Networks division, and other customary closing conditions. The deal was unanimously approved by the Boards of Directors of both companies.
- Filer
- Netflix Inc. NFLX · NASDAQ
- Filed
- Accession
- 0001193125-25-308651
- CIK
- 0001065280
- Signal
- High impactCommunication Services
- Source
- Official filing on sec.gov ↗
Items reported
Entry into a Material Definitive Agreement
Regulation FD Disclosure
Market reaction
Close before filing
$103.22
Next session
-6.2%
Since filing
-30.5%
Latest close
$71.71
What happened, not what will happen — closing prices around the filing date.
About Netflix Inc.
Netflix Inc. is an American conglomerate in the entertainment industry focused on streaming services and production of television content and films. Its primary function is to offer a subscription-based streaming service that provides a wide array of films, documentaries, and television series across diverse genres. Since its inception as a DVD rental service by mail, Netflix has evolved to a dominant player in the digital streaming market, impacting sectors such as media, technology, and telecommunications. Notable for its original programming, including critically acclaimed series and films, Netflix has a significant influence on viewing habits and content consumption globally. Its innovation in content delivery and recommendation algorithms contribute to its market significance, often setting standards in content accessibility and viewing personalization. Additionally, Netflix operates internationally, offering content in multiple languages to a global audience, reflecting its role as a major force in the cultural and entertainment landscape.
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