Netflix ( NFLX +1.44% ) made a surprise announcement this month: It's planning to buy Warner Bros., which is still currently part of Warner Bros. Discovery ( WBD 0.22% ) . If the deal goes through, that company would split up, and Netflix would significantly expand its library, production wing, and streaming business through the acquisition of Warner Bros. (including its TV and movie studios), HBO Max, and HBO.

The transaction values those assets at $82.7 billion, including debt. This is a massive move for Netflix, and it has some obvious positives, such as adding popular HBO franchises and shows to Netflix's portfolio. However, there's more for investors to consider here than just that.

The acquisition would add a lot of debt to Netflix's books

To complete this cash-and-

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