Warner Bros. Discovery, Inc.

Warner Bros. Discovery (WBD) is a global media conglomerate formed in 2022 from the merger of WarnerMedia and Discovery, housing Warner Bros. film and TV studios, HBO, CNN, Discovery and a portfolio of cable networks and streaming services. - Seller; splitting into Warner Bros. and Discovery Global

On December 5, 2025, Netflix and Warner Bros. Discovery (WBD) announced a definitive deal for Netflix to acquire Warner Bros.' film and television studios plus its premium and streaming businesses, including HBO and HBO Max, in a transaction valued at roughly $72 billion in equity and $82.7 billion including debt. On January 20, 2026, the parties amended the agreement to an all-cash structure at the same $27.75 per share price, accelerating the timeline for a shareholder vote now expected by April 2026. The deal follows WBD's June 2025 decision to split into two public companies—Warner Bros. (studios and streaming) and Discovery Global (cable networks)—and caps a months-long auction in which Netflix outbid Paramount Skydance and Comcast. In the weeks following the announcement, Netflix co-CEO Ted Sarandos met personally with President Donald Trump at the White House, while rival Paramount Skydance launched a $108 billion hostile tender offer that WBD's board has repeatedly rejected.

Updated Jan 24

Warner Bros. Discovery is a major U.S. media and entertainment conglomerate, home to Warner Bros. film and TV studios, HBO, HBO Max, Discovery networks and cable channels like CNN and TNT. - Board has unanimously rejected Paramount's hostile bid and endorsed Netflix deal; shareholder vote expected spring/summer 2026

In late 2025, Warner Bros. Discovery (WBD) put itself in play, triggering a rare open bidding war over a century-old Hollywood studio and one of the world's most valuable content libraries. After months of private and public offers from Netflix, Paramount Skydance and Comcast, WBD's board agreed on December 5, 2025 to sell its studios and streaming arm—including HBO, DC, and the Warner Bros. film and TV operations—to Netflix in a $72 billion cash‑and‑stock deal, leaving its cable networks such as CNN outside the transaction.

Updated Jan 6

Warner Bros. Discovery is a global media and entertainment company formed from the 2022 merger of AT&T’s WarnerMedia and Discovery, Inc., combining legacy studios, pay TV networks, news, sports and streaming platforms. - Rejecting Paramount Skydance hostile tender offer while reaffirming support for the Netflix agreement; advancing required SEC and antitrust processes.

After Netflix and Warner Bros. Discovery announced their $72 billion equity-value agreement on December 5, the transaction quickly became a live bidding contest and a regulatory test case. On December 8, Paramount Skydance launched an unsolicited all-cash tender offer for all of WBD at $30 per share, seeking to derail the Netflix deal and keep the company intact (including the networks slated for the Discovery Global spin-off). Within days, Netflix began a coordinated shareholder push backing its signed merger agreement and emphasizing regulatory execution, while WBD prepared formal filings to respond to the tender offer.

Updated Dec 11, 2025