New details have emerged regarding the all-cash acquisition transaction that will take place between Netflix and Warner Bros. Discovery (WBD) companies. This transaction is a crucial step that will cause significant changes in the media sector and affect the future strategies of the companies.
Redaksiya reports, citing TRT Haber, that the renewed agreement has been unanimously approved by the boards of directors of both Netflix and WBD. The completion of this transaction will be subject to the conclusion of the spin-off of Discovery Global, obtaining necessary regulatory approvals, the consent of WBD shareholders, and other customary closing conditions.
Previously, Paramount company had renewed its offer on December 22, 2025. While the company continued its offer to acquire all shares of WBD in exchange for $30 cash per share, billionaire businessman Larry Ellison had provided a personal guarantee for the equity financing of the offer amounting to $40.4 billion. The renewal is expected to allow WBD shareholders to vote on the proposed transaction by April 2026. To support this accelerated timeline, WBD has filed a registration statement with the U.S. Securities and Exchange Commission (SEC).
On December 5, 2025, Netflix had reached an agreement with Warner Bros. Discovery to acquire Warner Bros., including its film and television studios, as well as HBO Max and HBO, at an equity value of $72 billion and an enterprise value of $82.7 billion. It is reported that WBD shareholders will also receive the additional value of Discovery Global shares after their separation from WBD. The transaction is noted to be financed through a combination of cash, existing credit facilities, and committed financing sources.
As previously announced, WBD will be separated into two separate public companies, Warner Bros. and Discovery Global, with this separation expected to be completed within six to nine months prior to Netflix's acquisition of Warner Bros. In a joint statement from Netflix and Warner Bros. Discovery, it was stated that the all-cash acquisition transaction will remain at a value of $27.75 per WBD share, as in the previous transaction structure.
It was emphasized that the renewed agreement will simplify the transaction structure, increase value clarity for WBD shareholders, and accelerate the process leading to shareholder voting. The WBD Board of Directors had recommended to the company's shareholders on December 17, 2025, to reject Paramount's acquisition offer and support the agreement reached with Netflix. The statement indicated that Netflix and WBD are continuing their engagement with competition authorities and are cooperating closely with regulatory bodies.