Media Giant Prepares for Netflix Merger, Bridge Loan Extended to 2027

Warner Bros. Discovery, Inc. (NYSE: WBD) has reset the maturity of its non-investment-grade leveraged bridge loan, arranged by its subsidiary Discovery Global Holdings, to the earlier of June 30, 2027 or the completion of its linear TV business spin-off. Under the first amendment, lenders who declined the extension were replaced by those who consented; the fee payment schedule, periodic fee rates, and definitions for arrangers and joint arrangers were revised; and all guarantors and collateral providers have reaffirmed their obligations under the amended credit agreement.

The WBD board announced a special shareholders meeting for March 20 to vote on the proposed merger with Netflix and reaffirmed its unanimous recommendation of Netflix’s all-cash offer of $27.75 per share over PSKY’s $30 tender offer. Netflix and WBD continue to plan an all-cash deal valued at approximately $72 billion (about ₩95 trillion) for Warner Bros. Studio and the streaming business, and intend to spin off and separately list the global linear network division, Discovery Global, ahead of the merger.

WBD is a U.S.-based, Nasdaq-listed global media and entertainment group whose assets include TV networks (HBO, CNN, Discovery Channel), the Max streaming platform, film studios, and gaming businesses. Amid intensifying streaming competition and a slowdown in linear TV advertising that is accelerating industry consolidation, WBD is pursuing strategic transactions to reshape its asset structure by separating its linear channels and selling high-value studio and streaming assets.