News Brief: Netflix to Acquire Key Warner Bros. Discovery Assets
Summary
Netflix has agreed to acquire Warner Bros. Discovery’s film studio and HBO Max streaming service in a massive deal valued at $72 billion in equity. The agreement concludes a competitive bidding war that included Paramount Skydance and Comcast.
Key Points
- Deal Structure: The transaction, valued at $27.75 per WBD share, will be paid in cash and Netflix stock. Total enterprise value is approximately $82.7 billion.
- Assets Acquired: Netflix gains the Warner Bros. film studio (with franchises like Harry Potter and DC) and the HBO Max streaming service (with content like “Game of Thrones”).
- Assets Not Included: Warner Bros. Discovery will proceed with spinning off its TV networks (including TNT and CNN) as previously planned.
- Timeline & Approval: The deal is expected to close in 12-18 months, pending regulatory and shareholder approval. Netflix faces a $5.8 billion breakup fee if it fails.
- Competitive Bidding: Netflix’s final offer surpassed a last-minute all-cash bid of $30 per share from Paramount Skydance, which has accused WBD of an unfair process.
- Strategic Shift: Netflix co-CEO Ted Sarandos called it a “rare opportunity,” marking a significant move from organic growth to a major acquisition.
新闻简报：Netflix 同意收购华纳兄弟探索公司核心资产
摘要
Netflix 已同意以高达720亿美元的股权价值，收购华纳兄弟探索公司的电影制片厂和 HBO Max 流媒体服务。此项协议结束了与 Paramount Skydance 和康卡斯特的竞购战。
关键要点
- 交易结构：交易对 WBD 股票的估值为每股27.75美元，以现金和 Netflix 股票支付。企业总价值约827亿美元。
- 收购资产：Netflix 将获得华纳兄弟电影制片厂（拥有《哈利·波特》、DC漫画等IP）和 HBO Max 流媒体服务（拥有《权力的游戏》等内容）。
- 未包含资产：华纳兄弟探索公司将继续按原计划分拆其电视网络（包括 TNT 和 CNN）。
- 时间线与批准：交易预计在12-18个月内完成，需等待监管机构和股东批准。若交易失败，Netflix 将支付58亿美元反向解约费。
- 竞购过程：Netflix 的最终报价超过了 Paramount Skydance 在最后时刻提出的每股30美元全现金报价。后者指责 WBD 的出售过程不公。
- 战略转变：Netflix 联席CEO泰德·萨兰多斯称此为”罕见机遇”，标志着公司从有机增长转向重大收购的战略转变。
Original Article Link: https://www.cnbc.com/2025/12/05/neflix-warner-bros-discovery-deal.html