Core Viewpoint - Netflix is securing up to $25 billion in bank financing to support its acquisition of Warner Bros. Discovery's studios and HBO Max streaming service for $72 billion [1][3]. Financing Details - Netflix has entered into a $5 billion senior unsecured revolving credit facility and two senior unsecured delayed-draw term-loan facilities totaling $20 billion [2]. - The financing will provide Netflix with an additional $34 billion that banks will sell as bonds [5]. Deal Context - Netflix is the chosen bidder for Warner Bros. in a competitive landscape, having agreed to pay $72 billion, or $27.75 per share, in cash and stock [3]. - Rival suitor Paramount made a hostile bid for Warner Discovery, which was formally rejected by Warner [4]. Loan Structure - The new financing includes a revolving credit facility maturing three years after the deal closes or by December 19, 2030, whichever occurs first [5]. - The delayed-draw term loan consists of a $10 billion two-year facility and a $10 billion three-year facility, replacing part of previous bridge-financing commitments [5].