Warner Bros Discovery up as Netflix to buy cos TV and film studios and streaming unit

Warner Bros Discovery WBD.O shares up 3.5% premarket

Netflix NFLX.O agrees to buy WBD's TV and film studios and streaming division for $72 bln

The cash-and-stock transaction is valued at $27.75 per WBD share, with an equity value of $72.0 bln, cos say

Deal has a total enterprise value of about $82.7 bln

Transaction is expected to close after previously announced separation of WBD's Global Networks division, Discovery Global, into a new publicly traded company; expected to be completed in Q3 2026, cos say

NFLX down 2.8% at $100.30

Paramount Skydance PSKY.O shares down 2.5% at $14.45

Up to last close, WBD had gained ~132% YTD