NetflixI Inc and Warner Bros Discovery Inc (WBD) on Friday, December 5, announced a definitive agreement for Netflix to acquire Warner Bros, including its film and television studios, HBO Max and HBO, in a cash-and-stock deal valuing WBD at $27.75 per share. The transaction carries a total enterprise value of about $82.7 billion and an equity value of $72.0 billion.

The companies said the acquisition is expected to close in 12-18 months, following the previously-announced separation of WBD’s Global Networks division into a new publicly traded entity called Discovery Global. That separation is now expected to be completed in Q32026.

Under the agreement, WBD shareholders will receive $23.25 in cash and $4.501 in Netflix stock per share. The stock portion is subject to a collar based on Net

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