WBD to Vote on Netflix Merger
Warner Bros Discovery will vote in March on a potential merger with Netflix. The move comes as rival bids from PSky and Paramount reportedly intensify the competition for streaming dominance. If approved, the consolidation could create one of the largest global content libraries ever assembled.
- The special shareholder meeting to vote on the merger is scheduled for March 20, 2026, and the Warner Bros. Discovery board has unanimously recommended that shareholders approve the Netflix deal. - The proposed deal involves Netflix acquiring WBD's studio and streaming assets in an all-cash transaction valued at $27.75 per share. WBD's cable channels, such as CNN and HGTV, are not part of the sale and would be spun off into a separate publicly traded company called Discovery Global. - Netflix has granted WBD a seven-day waiver, ending February 23, 2026, to engage in discussions with rival bidder Paramount Skydance. This allows Paramount to present its "best and final" offer. - A representative for Paramount Skydance informed WBD it would consider paying $31 per share and that this was not its final proposal. The initial bidding war for WBD's assets began in the fall of 2025. - In the current U.S. streaming market, Amazon Prime Video holds a 22% share, just ahead of Netflix's 21% share. - Netflix's stock has faced pressure since the acquisition was proposed, falling from a peak in June 2025. As of mid-February 2026, the share price was trading around $81. - In 2025, Netflix generated approximately $45.2 billion in revenue and grew its subscriber base to over 325 million. The company also spent over $9 billion on share buybacks. - Analysts are forecasting an 11% decline in EBITDA for WBD's Networks segment in 2026, citing pressures on linear advertising and the loss of NBA content.
