Dec 22 (Reuters) - Netflix has refinanced a part of its $59 billion bridge loan to support its potential acquisition of Warner Bros Discovery's film, TV studios and streaming assets, according to a regulatory filing on Monday.
The streaming giant, which is preparing for one of the biggest media deals in history, secured a $5 billion revolving credit facility and two $10 billion delayed-draw term loans, leaving about $34 billion of the bridge facility to be syndicated.
Proceeds will be used to pay the cash portion of the deal, related fees and expenses, and may also be used for refinancing and general corporate purposes.
Netflix won a competitive auction for the assets, beating rival bids, including an unsolicited all-cash $108.4 billion offer from Paramount Skydance, which proposed $30 per share for the whole Warner Bros Discovery.
Although the Warner Bros board said Paramount's approach offered higher immediate value, it reiterated its support for the Netflix deal, citing superior strategic benefits and financing certainty.
The deal, which includes HBO and HBO Max, is expected to close after Warner Bros spins off its Global Networks unit in the third quarter of 2026.
Proceeds will be used to pay the cash portion of the deal, related fees and expenses, and may also be used for refinancing and general corporate purposes.
Netflix won a competitive auction for the assets, beating rival bids, including an unsolicited all-cash $108.4 billion offer from Paramount Skydance, which proposed $30 per share for the whole Warner Bros Discovery.
Although the Warner Bros board said Paramount's approach offered higher immediate value, it reiterated its support for the Netflix deal, citing superior strategic benefits and financing certainty.
The deal, which includes HBO and HBO Max, is expected to close after Warner Bros spins off its Global Networks unit in the third quarter of 2026.
Reporting by Kritika Lamba in Bengaluru; Editing by Anil D'Silva and Arun Koyyur
Source: Reuters