Netflix has refinanced part of its $59 billion bridge loan tied to its proposed acquisition of Warner Bros Discovery’s film, TV studio, and streaming assets—one of the largest media transactions ever contemplated.
Key highlights:
- 🔹 $5B revolving credit facility
- 🔹 Two $10B delayed-draw term loans
- 🔹 ~$34B of the bridge loan still to be syndicated
The refinancing improves funding certainty and reduces execution risk as Netflix prepares to acquire premium assets including HBO and HBO Max, following Warner Bros Discovery’s planned spin-off of its Global Networks unit in Q3 2026.
Netflix won the auction despite a higher all-cash $108.4B rival bid from Paramount Skydance, with Warner Bros’ board citing strategic fit and financing certainty as decisive factors.
Why this matters:
This deal underscores how scale, balance-sheet strength, and capital markets access are now decisive advantages in global media consolidation—especially as streaming, IP ownership, and content libraries converge.