Skadden is advising Netflix, Inc. in connection with its definitive agreement to acquire Warner Bros. Discovery, Inc. (WBD), including its film and television studios, HBO Max and HBO. The cash and stock transaction is valued at $27.75 per WBD share, with a total enterprise value of approximately $82.7 billion (equity value of $72.0 billion). The transaction is expected to close after the separation of WBD’s Global Networks division, Discovery Global, into a new publicly traded company, which is expected to be completed in Q3 2026.
The Skadden team includes Kenton King, Sonia Nijjar, Lauren Kramer, Steve Sunshine, Joseph Rancour, Ken Kumayama, Page Griffin and Nathan Giesselman.