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Netflix to Acquire Warner Bros. Discovery for $72 Billion
Netflix announced its biggest acquisition to date, planning to acquire Warner Bros. Discovery in a cash-and-stock deal valued at $72 billion. The acquisition values Warner Bros. Discovery at $27.75 per share, with Warner Bros. Discovery shareholders set to receive $23.50 in cash and $4.50 in Netflix stock for each share they own. The deal will be finalized in late 2026 and comes with the assumption of $10.7 billion in net debt from Warner Bros. Discovery’s balance sheet.
This acquisition will bring major content assets, including HBO Max and franchises such as “Friends,” “The Big Bang Theory,” and the “Harry Potter” films, into Netflix’s ecosystem. To finance the deal, Netflix is taking on an additional $50 billion in debt. Following the announcement, Warner Bros. Discovery shares increased about 3% to $25.30 as of 10 AM EST, yet it remains around 10% below the acquisition price.
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