Prior to the closing of the sale, Warner Bros. will complete the planned spinoff of its networks division, which includes cable channels such as CNN, TBS and TNT. That transaction is now expected to be completed in the third quarter of 2026, Netflix said in a statement.
Netflix agreed to buy Warner Bros. Discovery in a historic combination, joining the world’s dominant paid streaming service with one of Hollywood’s oldest and most revered studios.
Under the deal announced Friday, Warner Bros. shareholders will receive US$27.75 ($35.94) a share in cash and stock in Netflix. The total equity value of the deal is US$72 billion, while the enterprise value of the deal is about US$82.7 billion.
