In a strategic move to solidify one of the largest media acquisitions in history, Netflix has successfully refinanced a significant portion of its $59 billion bridge loan originally secured for the Warner Bros Discovery takeover. According to Monday’s regulatory filing, the streaming pioneer has arranged a comprehensive $25 billion financing package consisting of a $5 billion revolving credit facility and two separate $10 billion delayed-draw term loans.
The remaining $34 billion of the bridge facility will undergo syndication in the coming months. These financial instruments are specifically designated to cover the cash portion of the landmark transaction, associated fees, and various expenses. Additionally, the proceeds may be allocated toward refinancing existing obligations and general corporate purposes.
Netflix emerged victorious from a highly competitive bidding war that included an unsolicited all-cash offer of $108.4 billion from Paramount Skydance. Despite Paramount’s proposal offering $30 per share and presenting higher immediate valuation, Warner Bros Discovery’s board maintained their endorsement of Netflix’s bid, emphasizing superior strategic alignment and financing reliability.
The sweeping acquisition encompasses Warner Bros Discovery’s extensive portfolio, including its renowned film and television studios, streaming assets, and the prestigious HBO and HBO Max platforms. The transaction timeline anticipates finalization in the third quarter of 2026, following the planned spin-off of Warner Bros’ Global Networks unit.
This corporate separation, announced in mid-2025, strategically isolates high-growth streaming and studio operations from legacy network assets, enabling each entity to pursue specialized business strategies and maximize shareholder value. The initial bridge loan, secured on December 4th, provided Netflix with the financial certainty required during the competitive bidding process, with bridge loans typically serving as interim financing solutions for major transactions before being replaced by more permanent debt structures.