Historic Deal Between Netflix, HBO, and Warner Bros set in Motion

LOS GATOS CA December 6 2025

            In the entertainment world today, the news is a new deal announced by Netflix. The company issued its own formal statement yesterday (December 5^th, 2025) declaring that Netflix has entered into a binding agreement that would see it acquiring the Warner Brothers motion picture and television studio, along with HBO and HBO Max streaming services. The transaction is described as a combination of cash and stock and presents an enterprise value in the ballpark of around $82.7 billion, and an equity value of $72 billion. Netflix explained, in its announcement, that the acquisition includes the studio and streaming services, alone, and does not include the group of traditional cable networks that Warner Brothers Discovery intends to place into another corporation identified as Discovery Global.

            The First-Hand filings state clearly that the transaction isn’t confirmed yet (at least, not by the evidence and firsthand documentation we could find), and the announcement by Netflix uses language that seems to allude to future completion, noting that the transaction is expected to close after Warner Bros Discovery completes the formation and distribution of the new Discovery Global corporation. The Documents also explain that the closing depends on shareholder approval and upon the customary review by competition authorities within the United States, and other jurisdictions; these procedures stand ahead of the final act of completion.

            The filing submitted by Warner Bros Discovery to The United States Securities And Exchange Commission confirms that the boards of both companies have, unanimously, approved the merger agreement and that Warner Bros Discovery’s board has resolved to recommend shareholder approval. The filing sets forth that the separation of Discovery Global is a required condition, and that the combined transaction can’t be assured yet because it remains dependent upon the regulatory review and vote of shareholders. A separate filing provided by Netflix to The United States Securities And Exchange Commission explains that Netflix will prepare a registration statement that will contain proxy statement and prospectus for Warner Bros Discovery shareholders; the need for this proxy material confirms that the shareholder vote has not taken place and is an essential step before the transaction may proceed towards closing.

            The record stands without contradiction, the agreement has been signed, the boards have approved it, and the companies have issued formal notice, but the transaction remains in a stage that precedes completion and can’t close just yet. The regulatory examinations, the shareholder vote, and the separation of Discovery Global must be carried out first.

  The Appalachian Post is an independent West Virginia news outlet dedicated to clean, verified, first-hand reporting. We do not publish rumors. We do not run speculation. Every fact we present must be supported by original documentation, official statements, or direct evidence. When secondary sources are used, we clearly identify them and never treat them as first-hand confirmation. We avoid loaded language, emotional framing, or accusatory wording, and we do not attack individuals, organizations, or other news outlets. Our role is to report only what can be verified through first-hand sources and allow readers to form their own interpretations. If we cannot confirm a claim using original evidence, we state clearly that we reviewed first-hand sources and could not find documentation confirming it. Our commitment is simple: honest reporting, transparent sourcing, and zero speculation.

Sources

• NETFLIX official press release announcing the agreement to acquire Warner Bros
• THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION filings submitted by Netflix describing the merger agreement and required proxy materials
• THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION filings submitted by Warner Bros Discovery confirming board approval and outlining the required shareholder and regulatory procedures