Warner Bros. Discovery’s board has unanimously approved Netflix’s revised all-cash offer valuing the Warner Bros. studio operations at $72 billion. The transaction, which equates to $27.75 per share, shifts from a stock-and-cash structure to a wholly cash-based deal, a move intended to simplify shareholder approval. Since the original offer announcement on December 5, 2025, WBD shares have traded in a narrow band, reflecting investor uncertainty over whether Paramount Skydance’s competing hostile bid can derail the Netflix proposal. The board’s endorsement underscores confidence that the streamlined offer will secure the 66 percent majority vote required at the upcoming shareholder meeting projected for mid-2026.

European antitrust authorities have opened an in-depth investigation into the sale, focusing on potential impacts on film and television competition across EU member states. Warner Bros. Discovery expects this phase to conclude within 180 calendar days, putting final regulatory clearance on track for late summer 2026. With Warner Bros. distributing content in more than 220 countries and territories, regulators are scrutinizing whether consolidation under Netflix could reduce content diversity or harm bargaining power of independent studios. A protracted review could delay closing beyond the 12- to 18-month window management originally outlined.

As part of its portfolio optimization ahead of the Warner Bros. transaction, Warner Bros. Discovery has finalized a multi-year sponsorship deal positioning Food Network as the title sponsor for Sixthman’s Chefs Making Waves cruise, November 6–11, 2026. The five-day gourmet event on Norwegian Joy is expected to host over 1,800 passengers and will feature signature programming from Food Network talent including Bobby Flay, Scott Conant and Ayesha Nurdjaja. Food Network reaches 58 million U.S. households, maintains a social media footprint of 77 million and the magazine edition reaches 14.3 million readers, making the partnership a strategic showcase of the network’s cross-platform engagement prior to the divestiture of Warner Bros. assets.