It's official: Netflix is buying Warner Bros. Discovery in a sale worth a towering $82.7 billion.

Announced by Netflix on Friday, the two companies have reached a "definitive agreement" in which Netflix will acquire Warner Bros. and all its film and TV studios, including HBO and its streaming platform HBO Max. According to the SEC filing, the sale was "unanimously approved" by both Netflix and WBD's boards.

The sale's total equity value (what Netflix pays for WBD's shares) sits at $72 billion with an enterprise value (what Netflix pays for WBD plus debt) of $82.7 billion, with Netflix valuing WBD at $27.75 per share.

Netflix landed the winning bid after WBD rejected three offers from Paramount Skydance, and a bid from Comcast to merge NBC Universal with Netflix. The landmark sale is exp

See Full Page