Netflix (NFLX) supports Warner Bros. Discovery (WBD) board's commitment to merger agreement

• Under the terms of the agreement announced December 5, 2025, Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO, in a cash-and-stock transaction valued at USD 27.75 per WBD share, with a total enterprise value of approximately USD 82.7bln.
• As previously disclosed, the transaction is expected to close in 12-18 months from the date that Netflix and WBD originally entered into their merger agreement

Netflix's strong support for the merger with Warner Bros. Discovery signals confidence in the strategic fit and growth potential of the combined entity. The agreement, valued at approximately $82.7 billion, is credible given the media landscape's shift, which could enhance Netflix's content library and subscriber base, impacting their market position as well as affecting peers in the entertainment sector.