Huan Qiu Wang Zi Xun·2025-12-06 06:51Core Viewpoint - Netflix has reached a final agreement to acquire Warner Bros. Discovery's film production studio and streaming business for an enterprise value of approximately $72 billion, which includes a cash and stock structure [1][2] Group 1: Transaction Details - The acquisition will involve a payment of $23.25 in cash and approximately $4.50 in Netflix stock per share of WBD, totaling $27.75 per share, representing a 121.3% premium over WBD's closing price before the acquisition rumors [1] - The overall transaction value, including debt, is approximately $82.7 billion [1] Group 2: Intellectual Property and Infrastructure - Post-transaction, Netflix will gain control over a significant portfolio of intellectual properties, including franchises like "Harry Potter," "Game of Thrones," "Batman," "Superman," "Friends," and "The Big Bang Theory" [2] - Netflix will inherit Warner Bros.' complete infrastructure for film production, television development, animation, gaming, and global distribution [2] Group 3: Transaction Conditions - The deal is contingent upon WBD completing the spin-off of its Discovery Global network business, expected in the third quarter of 2026 [2] - The agreement includes termination fees: $5.8 billion if Netflix withdraws and $2.8 billion if WBD defaults or accepts a higher offer [2] Group 4: Strategic Intent - Netflix's co-CEO Ted Sarandos emphasized that this acquisition is not merely an asset purchase but a mission-driven synergy, with plans to maintain the HBO Max brand independently and commit to creating over 5,000 new creative jobs in the U.S. over the next three years [2]