05 Dec 2025

Debevoise Advises Warner Bros. Discovery on Sale to Netflix at $82.7 Billion Enterprise Value

"Debevoise & Plimpton LLP advised Warner Bros. Discovery, Inc. in its sale to Netflix. The transaction values the business at an $82.7 billion enterprise value (equity value $72.0 billion)."

Debevoise & Plimpton LLP advised Warner Bros. Discovery, Inc. in its sale to Netflix, Inc. The transaction contemplates Netflix acquiring Warner Bros. following the separation of Discovery Global. The deal is reported at a total enterprise value of $82.7 billion and an equity value of $72.0 billion. Debevoise & Plimpton LLP represented Warner Bros. Discovery, Inc. in the transaction with a team composed by: M&A partners Jonathan Levitsky, Gordon Moodie, Katherine Durnan Taylor and Erik Andrén; partners John Love, Jeffrey Rosen and William Regner; counsel Sarah Jacobson and Molly Stockley; associates Amanda Blazek, Robert Geren, Grace Huang, Richard Hughes, Rekha Korlipara, Victoria Li, Tomohiro Numahata and Zoë Zissu; law clerks Jason Bach, Tyler Lorenzen and Nicholas Paruta; finance partners Jeffrey Ross and Ramya Tiller, counsel Jonathon Yeung and associates Talia Lorch and Marta Poplawski; capital markets partners Matthew Kaplan and Benjamin Pedersen and associates Emily Espinel, Jasmine Fong, Alice Gu, Ramsha Khursheed and Maayan Stein; tax partners Erin Cleary and Peter Schuur, counsel Ben Lee Friedman and associates Olivia Coral Daniels, Harshil Mehta and Isabel Shipman; employee benefits and executive compensation partner Simone Hicks and of counsel Lawrence Cagney, counsel Wendy Widman and associates Gregory Kramer, Alexandra Schoellkopf and Samuel Siegel; and intellectual property partner Henry Lebowitz, associates Yinran Pan and Natalie Mauch and law clerk Alice Zheng.
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