WWE SmackDown live tonight on USA Network from The Moody Center in Austin, Texas
The media world woke up to a bombshell: after months of speculation, Netflix has officially struck a deal to acquire Warner Bros. If regulators sign off, this move could put the streaming rights to both WWE and AEW under the same corporate roof — something unthinkable just a year ago.
Netflix confirmed that the agreement includes the Warner Bros. movie and TV studios, along with HBO and the HBO Max platform. However, the previously announced internal split at Warner Bros. Discovery is still happening. Once the dust settles:
That separation is crucial. While Netflix gains major entertainment brands, the networks that actually air AEW programming will live under the Discovery side, not Netflix.
For now, Netflix says HBO Max will continue operating as-is — a temporary situation at best, given Netflix’s long-term strategy.
AEW’s future is the biggest question mark in all of this.
The promotion only recently locked in a multi-year extension with WBD, keeping AEW Dynamite and AEW Collision on TBS and TNT. That deal should theoretically keep AEW secure for several years, but big mergers often come with hidden contract escape clauses, restructuring options, or renegotiation triggers.
And then there’s the ownership wrinkle: WBD was reported to own a small equity stake in AEW. Once the company splits into two and Netflix acquires half, it’s unclear where that ownership slice will land — Discovery Global, Netflix, or somewhere else entirely.
WWE already has one foot firmly planted in the Netflix world. At the start of 2025, Raw officially left cable and debuted as a Netflix-exclusive show in the U.S. The streaming giant also hosts multiple WWE programs overseas, and although American PLEs are now tied to ESPN+, Netflix remains one of WWE’s most important global partners.
If the Warner Bros. acquisition goes through, Netflix could find itself with indirect ties to both major wrestling promotions — an unprecedented situation.
The landscape for wrestling media rights was already shifting rapidly, and this deal could accelerate those changes. AEW may face downstream effects depending on who controls the networks airing their shows and who ends up holding that reported ownership stake. WWE’s relationship with Netflix could deepen or evolve as the company absorbs massive new assets.
For fans, this could eventually influence where and how they watch both WWE and AEW programming — especially as streaming services consolidate and content libraries merge.
One thing is clear: Netflix’s bold move is reshaping the entertainment world, and the wrestling industry may be heading toward one of its most unpredictable media eras yet.
NETFLIX TO ACQUIRE WARNER BROS. FOLLOWING THE SEPARATION OF DISCOVERY GLOBAL FOR A TOTAL ENTERPRISE VALUE OF $82.7 BILLION (Equity Value of $72.0 Billion)
Dec 05, 2025
Transaction Unites Warner Bros.’ Iconic Franchises and Storied Libraries with Netflix’s Leading Entertainment Service, Creating an Extraordinary Offering for Consumers
Netflix to Maintain Warner Bros.’ Current Operations
Combination Will Offer More Choice and Greater Value for Consumers, Create More Opportunities for the Creative Community and Generate Shareholder Value
Acquisition Will Strengthen the Entertainment Industry
HOLLYWOOD, Calif., Dec. 5, 2025 /PRNewswire/ — Today, Netflix, Inc. (the Company) and Warner Bros. Discovery, Inc. (WBD) announced they have entered into a definitive agreement under which Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO.
NETFLIX TO ACQUIRE WARNER BROS.(opens in a new window)
The cash and stock transaction is valued at $27.75 per WBD share (subject to a collar as detailed below), with a total enterprise value of approximately $82.7 billion (equity value of $72.0 billion). The transaction is expected to close after the previously announced separation of WBD’s Global Networks division, Discovery Global, into a new publicly-traded company, which is now expected to be completed in Q3 2026.
This acquisition brings together two pioneering entertainment businesses, combining Netflix’s innovation, global reach and best-in-class streaming service with Warner Bros.’ century-long legacy of world-class storytelling. Beloved franchises, shows and movies such as The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz and the DC Universe will join Netflix’s extensive portfolio including Wednesday, Money Heist, Bridgerton, Adolescenceand Extraction, creating an extraordinary entertainment offering for audiences worldwide.
“Our mission has always been to entertain the world,” said Ted Sarandos, co-CEO of Netflix. “By combining Warner Bros.’ incredible library of shows and movies—from timeless classics like Casablancaand Citizen Kaneto modern favorites like Harry Potter and Friends—with our culture-defining titles like Stranger Things, KPop Demon Hunters and Squid Game, we’ll be able to do that even better. Together, we can give audiences more of what they love and help define the next century of storytelling.”
“This acquisition will improve our offering and accelerate our business for decades to come,” continued Greg Peters, co-CEO of Netflix. “Warner Bros. has helped define entertainment for more than a century and continues to do so with phenomenal creative executives and production capabilities. With our global reach and proven business model, we can introduce a broader audience to the worlds they create—giving our members more options, attracting more fans to our best-in-class streaming service, strengthening the entire entertainment industry and creating more value for shareholders.”
“Today’s announcement combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love to watch the most,” said David Zaslav, President and CEO of Warner Bros. Discovery. “For more than a century, Warner Bros. has thrilled audiences, captured the world’s attention, and shaped our culture. By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.”
Combination Will Offer More Choice, More Opportunities, More Value
Complementary strengths and assets: Warner Bros.’ studios are world-class, with Warner Bros. recognized as a leading supplier of television titles and filmed entertainment. HBO and HBO Max also provide a compelling, complementary offering for consumers. Netflix expects to maintain Warner Bros.’ current operations and build on its strengths, including theatrical releases for films.
More choice and greater value for consumers: By adding the deep film and TV libraries and HBO and HBO Max programming, Netflix members will have even more high-quality titles from which to choose. This also allows Netflix to optimize its plans for consumers, enhancing viewing options and expanding access to content.
A stronger entertainment industry: This acquisition will enhance Netflix’s studio capabilities, allowing the Company to significantly expand U.S. production capacity and continue to grow investment in original content over the long term which will create jobs and strengthen the entertainment industry.
More opportunities for the creative community: By uniting Netflix’s member experience and global reach with Warner Bros.’ renowned franchises and extensive library, the Company will create greater value for talent—offering more opportunities to work with beloved intellectual property, tell new stories and connect with a wider audience than ever before.
More value for shareholders: By offering members a wider selection of quality series and films, Netflix expects to attract and retain more members, drive more engagement and generate incremental revenue and operating income. The Company also expects to realize at least $2-3 billion of cost savings per year by the third year and expects the transaction to be accretive to GAAP earnings per share by year two.
Transaction Details and Timing
Under the terms of the agreement, each WBD shareholder will receive $23.25 in cash and $4.501 in shares of Netflix common stock for each share of WBD common stock outstanding at the closing of the transaction. The transaction values Warner Bros. Discovery at $27.75 per share, implying a total equity value of approximately $72.0 billion and an enterprise value of approximately $82.7 billion.
In June 2025, WBD announced plans to separate(opens in a new window) its Streaming & Studios and Global Networks divisions into two separate publicly traded companies. This separation is now expected to be completed in Q3 2026, prior to the closing of this transaction. The newly separated publicly traded company holding the Global Networks division, Discovery Global, will include premier entertainment, sports and news television brands around the world including CNN, TNT Sports in the U.S., and Discovery, free-to-air channels across Europe, and digital products such as Discovery+ and Bleacher Report.
The stock component is subject to a collar under which WBD shareholders will receive Netflix stock valued at $4.50 per share, provided the 15-day volume weighted average price (“VWAP”) of Netflix stock price (measured three trading days prior to closing) falls between $97.91 and $119.67. If the VWAP is below $97.91, WBD shareholders will receive 0.0460 Netflix shares for each WBD share. If the VWAP is above $119.67, WBD shareholders will receive 0.0376 Netflix shares for each WBD share.
The transaction was unanimously approved by the Boards of Directors of both Netflix and WBD. In addition to the completion of the separation of Discovery Global (WBD’s Global Networks business), completion of the transaction is subject to required regulatory approvals, approval of WBD shareholders and other customary closing conditions. The transaction is expected to close in 12-18 months.
Moelis & Company LLC is acting as Netflix’s financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel. Wells Fargo is acting as an additional financial advisor and, along with BNP and HSBC, is providing committed debt financing related to the transaction.
Allen & Company, J.P. Morgan and Evercore are serving as financial advisors to Warner Bros. Discovery and Wachtell Lipton, Rosen & Katz and Debevoise & Plimpton LLP are serving as legal counsel.
Webcast
Netflix will conduct a conference call today at 5:00am PT/8:00am ET to discuss the contents of this release. A link to the live webcast of the conference call will be available at https://ir.netflix.net/(opens in a new window).
IMPORTANT INFORMATION AND WHERE TO FIND IT
In connection with the proposed transaction (the “Merger”) between Netflix, Inc. (“Netflix”) and Warner Bros. Discovery, Inc. (“WBD”), Netflix intends to file with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 (the “Registration Statement”), which will include a prospectus with respect to the shares of Netflix’s common stock to be issued in the Merger and a proxy statement for WBD’s stockholders (the “Proxy Statement/Prospectus”), and WBD intends to file with the SEC the proxy statement. The definitive proxy statement (if and when available) will be mailed to stockholders of WBD. WBD also intends to file a registration statement for a newly formed subsidiary (“Discovery Global”), which is contemplated to own certain assets and businesses of WBD not being acquired by Netflix in connection with the Merger. Each of Netflix and WBD may also file with or furnish to the SEC other relevant documents regarding the Merger. This communication is not a substitute for the Registration Statement, the Proxy Statement/Prospectus or any other document that Netflix or WBD may file with the SEC or mail to WBD’s stockholders in connection with the Merger.
INVESTORS AND SECURITY HOLDERS OF NETFLIX AND WBD ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT WHEN THEY BECOME AVAILABLE, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE MERGER OR INCORPORATED BY REFERENCE INTO THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING NETFLIX, WBD, THE MERGER AND RELATED MATTERS.
The documents filed by Netflix with the SEC also may be obtained free of charge at Netflix’s website at https://ir.netflix.net/home/default.aspx. The documents filed by WBD with the SEC also may be obtained free of charge at WBD’s website at https://ir.wbd.com.
PARTICIPANTS IN THE SOLICITATION
Netflix, WBD and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of WBD in connection with the Merger under the rules of the SEC.
Information about the interests of the directors and executive officers of Netflix and WBD and other persons who may be deemed to be participants in the solicitation of stockholders of WBD in connection with the Merger and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the Proxy Statement/Prospectus, which will be filed with the SEC.
Information about WBD’s directors and executive officers is set forth in WBD’s proxy statement for its 2025 Annual Meeting of Stockholders on Schedule 14A filed with the SEC on April 23, 2025, WBD’s Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent filings with the SEC. Information about Netflix’s directors and executive officers is set forth in Netflix’s proxy statement for its 2025 Annual Meeting of Stockholders on Schedule 14A filed with the SEC on April 17, 2025, and any subsequent filings with the SEC. Additional information regarding the direct and indirect interests of those persons and other persons who may be deemed participants in the Merger may be obtained by reading the Proxy Statement/Prospectus regarding the Merger when it becomes available. Free copies of these documents may be obtained as described above.
NO OFFER OR SOLICITATION
This communication is for informational purposes only and does not constitute, or form a part of, an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This document contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Netflix’s and WBD’s current expectations, estimates and projections about the expected date of closing of the Merger and the potential benefits thereof, their respective businesses and industries, management’s beliefs and certain assumptions made by Netflix and WBD, all of which are subject to change. All forward-looking statements by their nature address matters that involve risks and uncertainties, many of which are beyond our control and are not guarantees of future results, such as statements about the consummation of the Merger and the anticipated benefits thereof. These and other forward-looking statements, including the failure to consummate the Merger or to make or take any filing or other action required to consummate the transaction on a timely matter or at all, are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: (i) the completion of the Merger on anticipated terms and timing, including obtaining stockholder and regulatory approvals, completing the separation of WBD’s Global Networks business and Streaming and Studios business, anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies, expansion and growth of WBD’s and Netflix’s businesses and other conditions to the completion of the Merger; (ii) failure to realize the anticipated benefits of the Merger, including as a result of delay in completing the transaction or integrating the businesses of Netflix and WBD; (iii) Netflix’s and WBD’s ability to implement their business strategies; (iv) consumer viewing trends; (v) potential litigation relating to the Merger that could be instituted against Netflix, WBD or their respective directors; (vi) the risk that disruptions from the Merger will harm Netflix’s or WBD’s business, including current plans and operations; (vii) the ability of Netflix or WBD to retain and hire key personnel; (viii) potential adverse reactions or changes to business relationships resulting from the announcement, pendency or completion of the Merger; (ix) uncertainty as to the long-term value of Netflix’s common stock; (x) legislative, regulatory and economic developments affecting Netflix’s and WBD’s businesses; (xi) general economic and market developments and conditions; (xii) the evolving legal, regulatory and tax regimes under which Netflix and WBD operate; (xiii) potential business uncertainty, including changes to existing business relationships, during the pendency of the Merger that could affect Netflix’s or WBD’s financial performance; (xiv) restrictions during the pendency of the Merger that may impact Netflix’s or WBD’s ability to pursue certain business opportunities or strategic transactions; and (xv) failure to receive the approval of the stockholders of WBD. These risks, as well as other risks associated with the Merger, will be more fully discussed in the Registration Statement and Proxy Statement/Prospectus to be filed with the SEC in connection with the Merger and the registration statement to be filed with the SEC in connection with the separation. While the list of factors presented here is, and the list of factors presented in the Registration Statement and Proxy Statement/Prospectus will be, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Netflix’s or WBD’s consolidated financial condition, results of operations or liquidity. The forward-looking statements included in this communication are made only as of the date hereof. Neither Netflix nor WBD assumes any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.
1 Reflects a 10% symmetrical collar.
Good news for fans of zero miedo. After a rough landing sidelined Penta on WWE RAW late last month, it sounds like the former tag champ is inching toward a full medical clearance.
During his match with Solo Sikoa in the Last Time Is Now Tournament, Penta attempted a high-risk hurricanrana off the barricade—only to come down hard on his shoulder. The bout was waved off, giving Sikoa the win, and Penta has been off TV ever since.
This week, noted luchador physician Dr. Odiseo posted an update on Instagram alongside Penta, offering encouraging news on the masked star’s recovery. According to Odiseo, the injury is healing on schedule and Penta could officially be cleared as early as Friday.
“Penta is on the right track, and we’ve seen good results. We can’t let up, but I’m confident he’ll be ready by Friday,” Odiseo said.
Fans also wondered whether this timeline would allow Penta to make his previously advertised appearance at AAA’s Guerra de Titanes—where he and Rey Fénix are slated to face Dominik Mysterio and El Grande Americano. Odiseo kept expectations hopeful but cautious, responding simply:
“Hope so.”
The 26th annual Guerra de Titanes takes place December 20 at Arena Guadalajara in Jalisco, Mexico. If all goes well, Penta could be back in action just in time for one of AAA’s biggest cards of the year.
WWE NXT tonight on The CW and Netflix (internationally).
AJ Styles may still be delivering at a top-tier level in WWE, but The Phenomenal One already has a vision for life after the ring — and it doesn’t involve his trademark flowing locks.
In a recent conversation with Inside The Ropes’ Kenny McIntosh, Styles admitted that once he hangs up the boots, he’s ready to say goodbye to the look that’s defined much of his WWE run. According to AJ, “retirement AJ” is going to look like a completely different guy.
“When retirement does finally come, that will be the first thing that goes is probably the hair… I’m thinking about a full shave. Just go, completely gone, all of it.”
While the idea of a bald AJ Styles might be hard for fans to picture, his wife, Wendy Jones, seems more than ready for a change right now. Styles joked that she’s been pushing for a trim well before retirement enters the picture.
“According to my wife, it’s gonna be cut soon… it’s getting way too long, and she doesn’t like it. She keeps telling me I’m gonna have to cut a couple inches off — not all of it now, but soon.”
Styles’ hair has gone through phases over the years, but the longer look has become synonymous with his run as one of wrestling’s premier performers. Whenever AJ does decide to make the big chop — whether for retirement or for Wendy — it’s safe to say WWE fans will have plenty to talk about.
For now, though, the Phenomenal hair remains… at least until Wendy wins the argument.
Wrestling icon Jimmy Hart has spent decades building his brand around loud jackets, louder energy, and of course, the loudest accessory of all – his trademark megaphone. But this weekend at WrestleCade in Winston-Salem, that famous prop suddenly went missing.
WrestleCade officials announced on Sunday that Hart’s megaphone was stolen sometime during his Saturday appearance at the convention. While the WWE Hall of Famer isn’t interested in pressing charges, he does want the item returned — no questions asked.
However, Hart’s patience isn’t unlimited. Event organizers noted that if the megaphone isn’t brought back or if the culprit doesn’t contact WrestleCade by Tuesday, the situation will officially become a police matter. The Benton Convention Center, which hosted the event, is equipped with high-definition security cameras and is already preparing to hand footage over to authorities.
The theft ended up becoming the most talked-about moment of the entire weekend, which is saying something considering WrestleCade featured a few surprises of its own — including Jushin Thunder Liger briefly coming out of retirement to squash Joey Janela during the SuperShow.
For now, Hart and WrestleCade are simply hoping the megaphone finds its way home. After all, the “Mouth of the South” just isn’t the same without it.
WWE Raw live tonight 8pm ET from the Desert Diamond Arena in Glendale, Arizona, airing on Netflix.
WrestleCade weekend delivered one of its biggest surprises ever when Japanese wrestling icon Jushin Thunder Liger briefly stepped out of retirement for an unexpected showdown with The Bad Boy Joey Janela.
Liger officially wrapped up his legendary 35-plus–year career back in 2020, closing the book with a tag match in New Japan Pro-Wrestling. But the 61-year-old Hall of Famer proved he still had one more run-in left in him, answering Janela’s open challenge at the Winston-Salem convention. According to Wrestling Observer, the quick exhibition went about four minutes, with Liger picking up the victory to the delight of the crowd.
Janela didn’t leave with the win, but he left with a bucket-list moment. The former AEW star shared just how surreal it felt to find himself across the ring from the masked legend he grew up watching.
“I thought I saw a ghost! In high school when I was 16, I would bring a portable DVD player on the bus and watch a seven-hour Jushin Liger compilation. Twenty years later, somehow WrestleCade made this wizardry happen! Spectacular feels!” Janela wrote.
Since hanging up the boots, Liger has stayed active in the business through commentary work in NJPW and even popped up in AEW during the 2023 Owen Hart Cup, where he had a brief segment with Ricky Starks.
This year’s WrestleCade was stacked as usual, featuring appearances from Ricky Morton, the Hardy Boyz, JBL, Matt Cardona, Nic Nemeth, and plenty more. But Liger’s unadvertised return easily stole the show — a rare treat for longtime fans and a reminder of why his legacy still resonates across generations.
Winners: AJ Lee, Charlotte Flair, Alexa Bliss, Rhea Ripley & IYO SKY (via AJ Lee submitting Becky Lynch)
The women’s WarGames match kicked off with Charlotte Flair and Asuka renewing their long-running rivalry inside the cage. From the outset the pace never slowed — stiff strikes, cage shots, and signature offense were everywhere before the ring even filled up.
Highlights included:
The closing stretch saw Asuka spit mist — but Ripley ducked, leaving Legend blinded. That opening let the babyface squad string together a cinematic flurry: double chops, double suplexes, a Twisted Bliss from Alexa, and the now-signature IYO SKY trash-can dive… this time a senton atomico off the top into a pile of heels.
Becky tried to escape over the cage but the babyfaces dragged her back down, fed her into a right hand, and AJ cinched in the Black Widow for the tap-out.
Winner & NEW Intercontinental Champion: Dominik Mysterio
John Cena came into Chicago looking to continue his improbable late-career Intercontinental Championship run, but Dominik Mysterio arrived with a full Judgment Day-adjacent entourage: Roxanne Perez, Raquel Rodriguez, Finn Bálor, and JD McDonagh all played roles in a match that constantly bordered on a handicap bout.
Cena repeatedly fought through the interference:
At one point Cena nailed a double Attitude Adjustment on Bálor and McDonagh, seemingly sealing the deal — until Liv Morgan hit the ring. She teased aligning with Dominik… then slapped him. But the swerve was on Cena: Morgan low-blowed him and fed him into Mysterio’s final frog splash, with the ref revived just in time to count three.
Dominik celebrated with both his IC title and the North American Championship as Morgan proudly raised his hand.
Cena stayed behind afterward to salute the crowd as they chanted “Thank you, Cena!”
Winner: Stephanie Vaquer (still WWE Women’s World Champion)
Nikki Bella didn’t wait for the bell to get nasty, but Stephanie Vaquer answered with an aggressive early assault of her own. The match swung repeatedly between the two as Bella leaned on veteran instincts and Vaquer showcased the athletic precision that’s quickly made her a standout.
Key moments:
After dragging her challenger back inside, Vaquer finished the job with a gorgeous Spiral Tap, cementing her title reign against one of WWE’s most decorated women’s stars.
Winners: Brock Lesnar, Drew McIntyre & The Vision (Bron Breakker, Logan Paul & Bronson Reed)
The men’s WarGames bout was just as wild as advertised, starting with CM Punk and Bron Breakker throwing hands before the cage was even half full. Once Cody Rhodes dove off the top of the structure to enter the match, all bets were off.
Major moments included:
Inside the cage, everything broke down:
The turning point came when a masked intruder slipped into the cage, blasted Punk with a basement superkick and a Blackout, then disappeared without revealing themselves. Punk staggered right into a monstrous spear from Breakker, giving The Vision and their heavy-hitter partners the pinfall victory.
After the match, Roman offered Punk a fist bump — which Punk accepted — while he and Cody exchanged tense, barely audible words before Reigns exited.
WWE SmackDown this Friday on USA Network from Denver, Colorado
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