Netflix $NFLX has submitted a binding, mostly-cash bid for the Warner Bros studio and HBO — a deal that would instantly turn the world’s biggest streamer into a full Hollywood studio.
Warner Bros Discovery $WBD, with roughly $60B in equity value and ~$30B in net debt (≈$90B EV for the whole company), put itself up for sale after multiple unsolicited bids.
Netflix is backing its bid with a multi–tens-of-billions bridge loan, aiming to control the Warner Bros film studio + HBO’s content engine, not just license a few hits.