Skadden, Wachtell and Debevoise Advise on Netflix’s $82.7 Billion Acquisition of Warner Bros. Discovery

Skadden, Arps, Slate, Meagher & Flom advised Netflix, while Wachtell, Lipton, Rosen & Katz and Debevoise & Plimpton advised Warner Bros. Discovery on the transaction. Netflix and Warner Bros. Discovery have entered into a definitive agreement under which Netflix will acquire Warner Bros. Discovery, including its film and television studios, HBO and the streaming service HBO Max. The transaction is a cash-and-stock deal that values Warner Bros. Discovery at $27.75 per share, implying a total equity value of approximately $72.0 billion and an enterprise value of roughly $82.7 billion. Under the terms of the agreement, each Warner Bros. Discovery shareholder will receive $23.25 in cash and $4.50 in Netflix common stock for each share outstanding at the closing. Skadden, Arps, Slate, Meagher & Flom represented Netflix with a team composed by: M&A partners Kenton King (Palo Alto), Sonia Nijjar (Palo Alto), Lauren Kramer (New York) and associate Corey Janson (New York); antitrust/competition partners Steven Sunshine (Washington, D.C.) and Joseph Rancour (Washington, D.C.) and counsel Bradley Pierson (Washington, D.C.); intellectual property and technology partner Ken Kumayama (Palo Alto); capital markets partner Michelle Gasaway (Los Angeles and Houston); banking partner Leila Sayegh (Los Angeles); tax partner Nathan Giesselman (Palo Alto); executive compensation and benefits partner Page Griffin (Palo Alto and New York); and labor and employment law partner Ryne Posey (Los Angeles and Palo Alto). Wachtell, Lipton, Rosen & Katz represented Warner Bros. Discovery with a team composed by: corporate partners Andrew J. Nussbaum and Karessa L. Cain; associates Hannah Clark, Steven A. Jaffe, and Jacob D. Pearlman; tax partner Deborah L. Paul; and litigation partners William Savitt and Ryan A. McLeod. Debevoise & Plimpton represented Warner Bros. Discovery 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. Additional support was provided by finance partners Jeffrey Ross and Ramya Tiller; counsel Jonathon Yeung; associates Talia Lorch and Marta Poplawski; capital markets partners Matthew Kaplan and Benjamin Pedersen and their associates Emily Espinel, Jasmine Fong, Alice Gu, Ramsha Khursheed, and Maayan Stein; tax partners Erin Cleary and Peter Schuur and counsel Ben Lee Friedman with associates Olivia Coral Daniels, Harshil Mehta, and Isabel Shipman; employee benefits and executive compensation partner Simone Hicks; of counsel Lawrence Cagney; counsel Wendy Widman; associates Gregory Kramer, Alexandra Schoellkopf, and Samuel Siegel; intellectual property partner Henry Lebowitz with associates Yinran Pan and Natalie Mauch; and law clerk Alice Zheng.

Skadden, Wachtell and Debevoise Advise on Netflix’s $82.7 Billion Acquisition of Warner Bros. Discovery

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