Shareholders of Warner Bros. Discovery are expected to vote as soon as March on whether to approve the company’s proposed sale of its film and television business to Netflix, according to a CNBC report cited by Reuters. The vote would mark a major milestone in a deal that could significantly reshape the global entertainment landscape.
The transaction places Warner Bros. Discovery’s enterprise value at about $82.7 billion. Under the revised terms announced in January, shareholders would receive $27.75 per share in cash. The companies amended their earlier agreement to make the transaction fully cash-based, a move designed to provide greater certainty for investors and streamline the path to closing.
Netflix has highlighted that the structure of the deal avoids several elements that can complicate large mergers. The companies assured that the transaction will not involve foreign sovereign wealth funds or require review by the Committee on Foreign Investment in the United States, or CFIUS, a federal panel that examines certain business deals for national security risks, especially when foreign ownership or funding is involved.
Despite that, the deal is expected to draw close scrutiny from antitrust regulators in the United States and Europe. Competition authorities will evaluate whether combining Netflix’s global streaming platform with Warner Bros.’ film and television assets could reduce competition or limit consumer choice. That regulatory review is likely to be lengthy and remains one of the biggest uncertainties surrounding the transaction.
The shareholder vote is another key hurdle. If investors approve the deal, it would move forward to full regulatory review and, if cleared, could close within 12 to 18 months of its December 2025 announcement. If shareholders reject the offer, Warner Bros. Discovery could face renewed pressure from other potential buyers. Paramount Skydance has made a competing bid, but Warner Bros. Discovery’s board unanimously rejected that proposal, calling it inadequate and not in the best interests of shareholders.
Netflix’s interest centers on Warner Bros.’ vast library of films, television series and intellectual property. The studio owns some of the most recognizable brands in entertainment, including franchises such as Harry Potter and The Lord of the Rings, and long-running television hits like Friends and Game of Thrones. For Netflix, those assets offer an opportunity to deepen its catalog, develop new spinoffs and sequels, and strengthen its competitive position as the streaming market becomes more crowded.
The deal has sparked mixed reactions in Hollywood, especially over concerns about Netflix’s past reluctance to prioritize theatrical releases. In an interview with The New York Times, Netflix co-chief executive Ted Sarandos said Warner Bros. films would continue to debut in theaters with a 45-day exclusive window, the same model the studio uses now.
Sarandos said Netflix plans to operate Warner Bros.’ theatrical business largely as it currently functions, arguing that the company has no reason to disrupt a system that generates billions of dollars in box office revenue. He also said Netflix expects to increase overall content spending after the companies combine, pushing back on fears that the merger would lead to fewer movies and shows.
From a financial standpoint, Netflix has framed the acquisition as a way to create efficiencies while maintaining creative output. Executives have projected between $2 billion and $3 billion in annual cost savings within three years of closing, primarily from operational synergies. The company has also said the deal is expected to boost earnings per share by the second year after completion.
For viewers, the transaction could eventually bring a wider mix of classic studio titles and Netflix originals under one corporate umbrella. For creators and production workers, the impact will depend on how Netflix balances promised cost savings with its commitment to continued production. For shareholders, the upcoming vote will help determine whether Warner Bros. Discovery’s future is tied to Netflix or remains open to other options.
As the vote approaches, the proposed acquisition stands as one of the most consequential media deals in decades, underscoring how rapidly entertainment has shifted toward global streaming companies.
