Wachtell Lipton Advises Warner Bros. Discovery in Netflix Acquisition of Warner Bros.

Wachtell, Lipton, Rosen & Katz represented Warner Bros. Discovery in the transaction. On December 5, 2025, Warner Bros. Discovery, Inc. and Netflix, Inc. entered into a definitive agreement under which Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO, following the separation of Discovery Global (the WBD Global Networks division) into a newly publicly traded company. The transaction carries an enterprise value of approximately $82.7 billion. Under the terms of the agreement, WBD stockholders will receive $23.25 in cash and $4.50 in Netflix stock (subject to a collar) per WBD share, and will also receive shares of Discovery Global in the spin-off. The entry into the transaction follows WBD’s June 2025 announcement that it would separate its Streaming & Studios and Global Networks divisions into two publicly traded companies and the Board’s October 2025 decision to initiate a review of strategic alternatives after interest from multiple parties. Wachtell, Lipton, Rosen & Katz represented Warner Bros. Discovery with a team composed by: Corporate: Andrew J. Nussbaum, Partner; Karessa L. Cain, Partner; Hannah Clark, Associate; Steven A. Jaffe, Associate; Jacob Pearlman, Associate. Tax: Deborah L. Paul, Partner. Litigation: William Savitt, Partner; Ryan A. McLeod, Partner.

Wachtell Lipton Advises Warner Bros. Discovery in Netflix Acquisition of Warner Bros.

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