Posted on January 20, 2026 by Neil Cole
In a newly released press release, Netflix, Inc. and Warner Bros. Discovery, Inc. have announced a revision to their previously disclosed merger agreement, confirming that the transaction will now proceed as an all-cash acquisition valued at $27.75 per Warner Bros. Discovery share. The updated structure is designed to provide greater certainty for stockholders and to streamline the process toward completion, with a Warner Bros. Discovery shareholder vote expected later this year.
The amended agreement maintains the overall value of the original deal while simplifying its financial framework. Netflix intends to fund the acquisition using a combination of cash on hand, available credit facilities, and committed financing, reinforcing its financial strength and its long-term commitment to investing in premium entertainment on a global scale.
Once completed, the transaction is expected to significantly expand Netflix's creative and production capabilities through the integration of Warner Bros.' film and television studios and its extensive library of intellectual property. The combination would bring together two major content powerhouses, creating new opportunities to develop, produce, and distribute high-quality programming for audiences worldwide.
The agreement also holds important implications for DC Studios, which remains a central part of Warner Bros.' theatrical strategy. As DC Studios continues to build its next phase of storytelling, upcoming films such as "Supergirl" and "Man of Tomorrow" stand to benefit from the expanded reach, resources, and global platform that a combined Netflix and Warner Bros. Discovery organization could provide.
The transaction remains subject to customary closing conditions, including regulatory approvals and approval by Warner Bros. Discovery stockholders. Both companies expressed confidence that the revised agreement strengthens the strategic foundation of the deal and positions the combined organization to deliver long-term value while advancing bold, creator-driven storytelling across film, television, and streaming platforms.
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