Netflix proposed acquisition of Warner Bros. streaming and studios (terminated)

Netflix proposed acquiring Warner Bros. streaming and studios at approximately USD 82.7 billion enterprise value and USD 72.0 billion equity value. Wells Fargo advised Netflix and committed financing. The parties amended the agreement to all-cash consideration on January 20, 2026. The merger agreement and associated Netflix debt commitments terminated February 27, 2026. This record preserves the announced proposal and subsequent termination; the approximate valuation remains in narrative.