Netflix Inc

NFLX: XNAS (USA)

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Netflix and Warner Bros. Discovery: Surprisingly High Merger Price Alters Shareholder Value for Both

Matthew Dolgin

Dec 5, 2025

Netflix plans to pay 25 times estimated 2026 EBITDA for Warner Bros.' streaming and studios business, which strikes us as exorbitantly high, even with the premier, unique assets Netflix will acquire. Regulatory approval is highly uncertain.

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Netflix Inc

Netflix and Warner Bros. Discovery: Surprisingly High Merger Price Alters Shareholder Value for Both

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