Netflix has secured $25 billion in new bank financing as it restructures the funding for its planned acquisition of Warner Bros. Discovery. This move marks a transition from short-term bridge loans to longer-term financing as the deal progresses.

According to a filing with the US Securities and Exchange Commission dated December 19, 2025, Netflix has entered into two senior unsecured credit agreements with Wells Fargo Bank, which is serving as the administrative agent. The agreements include:

• A $5 billion revolving credit facility
• $20 billion in delayed-draw term loans, split into two tranches with maturities of two and three years, respectively

The funds from these facilities may be used to cover the cash portion of the purchase price under the merger agreement signed on December 4, 2025, as well as transaction-related fees and expenses. Netflix also has the option to use the financing to refinance certain existing debt. The new arrangements reduce the company’s previously disclosed bridge loan commitments on a dollar-for-dollar basis.

The revolving credit facility allows Netflix to borrow, repay, and reborrow funds until the earliest of three dates: three years after the merger closes, the termination of the merger agreement, or December 19, 2030. The maturity of this facility can be extended by up to one year on two separate occasions, subject to standard conditions.

Previously, Netflix had announced a debt commitment letter for up to $59 billion in senior unsecured bridge term loans to support the acquisition. This latest financing step highlights Netflix’s strategy to move from temporary bridge funding to a more permanent capital structure as it works toward completing the transaction.

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