Netflix (NASDAQ:NFLX) issued a statement welcoming the Warner Bros. Discovery board's unanimous reaffirmation of their merger agreement and its strong recommendation that stockholders reject the revised offer from Paramount and Skydance.
The merger agreement, signed on December 5, 2025, provides for Netflix to acquire Warner Bros. Discovery in a cash-and-stock transaction valued at $27.75 per WBD share.
The deal implies an enterprise value of approximately $82.7 billion and an equity value of $72 billion.
The transaction structure preserves Warner Bros. Discovery's previously announced plan to spin off Discovery Global, with that separation still expected in the third quarter of 2026.
Netflix confirmed that it has submitted filings under the Hart-Scott-Rodino Act and is actively engaging with competition authorities in the United States and European Union.
The company continues to anticipate that the merger will close within 12 to 18 months following the signing of the agreement.