M&A · Tech · Cable & Other Pay Television Services
Netflix Inc to acquire Warner Bros. Discovery, Inc.
Announced Dec 5, 2025 · Terminated Feb 27, 2026
Deal value$82.70BEV $82.70B
Premium121.0%To unaffected price
EV / Adj. EBITDA10.4x2.2x EV / Revenue
ConsiderationCash and stock$27.75 per share
Transaction
- Acquirer
- Netflix Inc (NFLX)
- Target
- Warner Bros. Discovery, Inc. (WBD)
- Buyer type
- Strategic
- Offer price per share
- $27.75
- Enterprise value
- $82.70B
- Status
- Terminated Feb 27, 2026
Deal protections
- Break fee (target pays)
- $2.80B · 3.4%
- Reverse fee (buyer pays)
- $5.80B · 7.0%
- Go-shop
- No-shop
- Financing
- Committed · BofA Securities, Citigroup, Wells Fargo, BNP Paribas, HSBC
Advisors
- To the acquirer
- Moelis
- To the target
- Allen & Company, JPMorgan, Evercore
Sector context · Tech
- Comparable deals
- 68 in the prior 24 months
- Premium
- 121.0% vs. 37.1% sector median
- EV / Adj. EBITDA
- 10.4x vs. 16.5x sector median
- Break fee
- 3.4% vs. 3.0% sector median
Timeline
- AnnouncedDec 5, 2025
- Proxy filedJan 20, 2026
- Definitive proxyFeb 17, 2026
- Shareholder vote—
- TerminatedFeb 27, 2026