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Bond Market News
Netflix to Buy WBD for $72bn; Arranges $59bn in Bridge Financing
December 8, 2025
Netflix agreed to buy Warner Bros Discovery (WBD) for $72bn ($83bn including debt), gaining control of one of Hollywood’s oldest and most valuable studios. Netflix outbid competitors including Paramount Skydance and Comcast, offering $27.75/share via a a cash-and-stock deal. The deal includes a $5.8bn breakup fee from Netflix. The transaction is expected to close after WBD spins off its Discovery Global networks in 3Q2026. The acquisition gives Netflix access to WBD’s century-old content library and major franchises, significantly boosting its content depth amid a slowing growth in its streaming business. For the acquisition, Netflix has arranged $59bn in bridge financing from a consortium of banks. Netflix is expected to replace the bridge financing facility with a long-term capital structure that includes up to $25bn in corporate bonds, $20bn in delayed-draw term loans, and a $5bn revolving credit facility. However, the deal is expected to face strong US and European antitrust challenges. Industry groups, lawmakers, and former executives have raised concerns about the concentration of creative assets. Netflix forecasts $2-3bn in annual cost savings by the third year.
Netflix’s bonds traded stable with its 4.875% 2030s at 102.3, yielding 4.3%. WBD’s 4.279% 2032s traded a tad lower at 90.3 yielding 6.2%.
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