Netflix, Inc. (NASDAQ: NFLX) has successfully secured a $25 billion debt financing package to support its proposed acquisition of the studio and streaming operations of Warner Bros. Discovery (WBD). This strategic financing marks a significant milestone in the $82.7 billion transaction, which seeks to integrate the storied Warner Bros. library and HBO assets into the Netflix ecosystem.

The newly finalized $25 billion financing consists of a combination of bridge loans and term loan facilities provided by a consortium of leading global financial institutions. The banking group is led by Wells Fargo, with significant participation from BNP Paribas and HSBC. This committed capital ensures the necessary liquidity to meet the cash component of the acquisition agreement, which offers WBD shareholders $23.25 in cash per share alongside Netflix common stock.

The financing follows the definitive merger agreement announced in early December 2025. Under the terms of the deal, Netflix will acquire Warner Bros. Pictures, DC Studios, and the HBO/Max streaming business following WBD’s planned separation of its global linear networks into a standalone entity, Discovery Global. The acquisition has been characterized by Netflix leadership as a move to expand production capacity and consolidate high-value intellectual property.

The securing of this financing comes amid a competitive bidding environment. The Board of Directors of Warner Bros. Discovery recently reaffirmed its recommendation for the Netflix merger, citing the “superior certainty” and “clear funding structure” of the deal compared to unsolicited offers from other market participants. Netflix has highlighted that its balance sheet and investment-grade rating were instrumental in securing these favorable financing terms without the need for foreign sovereign wealth involvement or personal guarantees.

The transaction remains subject to customary closing conditions, including regulatory approvals from the Department of Justice (DOJ) and European Commission, as well as approval by WBD stockholders. Netflix currently anticipates the transaction will close within 12 to 18 months.