Netflix, Inc. has welcomed the recommendation from the Warner Bros. Discovery (WBD) Board of Directors for stockholders to reject the unsolicited offer from Paramount Skydance Corporation (PSKY), launched on 8 December 2025. After careful review with independent financial and legal advisors, the WBD Board urged stockholders to approve the merger agreement with Netflix, which they believe offers a more certain and superior alternative for WBD stockholders.
On 5 December, Netflix and WBD announced a fully negotiated and financed definitive agreement under which Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO. The cash and stock transaction is valued at USD$27.75 per WBD share, with a total enterprise value of approximately $82.7 billion (equity value of $72.0 billion). In addition, the transaction will provide WBD stockholders with incremental value from the previously announced separation of WBD’s Global Linear Networks business, Discovery Global, which is planned for Q3 2026.
“The Warner Bros. Discovery Board reinforced that Netflix’s merger agreement is superior and that our acquisition is in the best interest of stockholders,” said Ted Sarandos, Netflix co-CEO. “This was a competitive process that delivered the best outcome for consumers, creators, stockholders and the broader entertainment industry. Netflix and Warner Bros. complement each other, and we’re excited to combine our strengths with their theatrical film division, world-class television studio, and the iconic HBO brand, which will continue to focus on prestige television. We’re also fully committed to releasing Warner Bros. films in theatres, with a traditional window, so audiences everywhere can enjoy them on the big screen.”
Netflix co-CEO Greg Peters continued: “By acquiring Warner Bros., we’ll be able to offer audiences and creators around the world even more choice, value and opportunity. This transaction is fundamentally pro-consumer, pro-innovation, pro-creator and pro-growth. Together we will deliver an even broader selection of great series and films that audiences can watch at home and in theatres, while driving long-term value for our stockholders. We’re excited to begin this new chapter and continue to entertain and delight fans around the world.
“Netflix has a long history of investing in creativity and partnering with top talent, and we’re committed to honouring and growing Warner Bros.’ incredible brands and franchises. By joining forces to combine our strengths and our passion for great storytelling, we’ll strengthen the entertainment industry.
“Our focus remains on creating outstanding films and shows, investing in the future of entertainment, and delivering more of what audiences love around the world.”
A dedicated website providing ongoing information and resources about the transaction is available at https://netflixwbtogether.com/
