Date:	--/--/-- --:--:--
Event Id:	E5DTX46WP
Action Type:	ACQUISITION
Action Status:	ANNOUNCED
Acquirer Symbol:
Target Symbol:	WBD
Updated:	--/--/-- --:--:--
Purchase Price Per Share:	27.75
Price Per Share Currency:	USD
News References:	https://www.sec.gov/Archives/edgar/data/1437107/000119312526053002/d304272ddefm14a.htm

Action Notes

Today, Netflix, Inc. (the Company) and Warner Bros. Discovery, Inc. (WBD) announced they have entered into a definitive agreement under which Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO. 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 amended, all-cash transaction was unanimously approved by the Boards of Directors of both Netflix and WBD. Closing remains subject to completion of the Discovery Global separation, receipt of required regulatory approvals, approval of WBD stockholders and other customary closing conditions. The WBD special shareholder meeting to vote on the transaction will be held on 03/20.