Skadden, Wachtell, Lipton, Rosen & Katz along with Debevoise & Plimpton advise on Netflix’s $82.7 billion acquisition of Warner Bros. Discovery.

Netflix, and Warner Bros. Discovery, Inc. (WBD) announced they have entered into a definitive agreement under which Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO. The transaction is expected to close after the previously announced separation of WBD’s Global Networks division, Discovery Global, into a new publicly traded company, which is now expected to be completed in Q3 2026.

Skadden is advising Netflix, with a team comprising Kenton King, Sonia Nijjar, Lauren Kramer, Steve Sunshine, Joseph Rancour, Ken Kumayama, Page Griffin and Nathan Giesselman.

Wachtell, Lipton, Rosen & Katz represents Warner Bros. Discovery in the $82.7 billion acquisition.

Debevoise & Plimpton is also advising WBD on the sale. The Debevoise team is led by M&A Partners Jonathan Levitsky, Gordon Moodie, Katherine Durnan Taylor and Erik Andrén and includes Partners John Love, Jeffrey Rosen and William Regner, Counsel Sarah Jacobson and Molly Stockley, Associates Amanda Blazek, Robert Geren, Grace Huang, Richard Hughes, Rekha Korlipara, Victoria Li, Tomohiro Numahata and Zoë Zissu and law clerks Jason Bach, Tyler Lorenzen and Nicholas Paruta, finance Partners Jeffrey Ross and Ramya Tiller, Counsel Jonathon Yeung and Associates Talia Lorch and Marta Poplawski, capital markets Partners Matthew Kaplan and Benjamin Pedersen and Associates Emily Espinel, Jasmine Fong, Alice Gu, Ramsha Khursheed and Maayan Stein, tax Partners Erin Cleary and Peter Schuur, counsel Ben Lee Friedman and Associates Olivia Coral Daniels, Harshil Mehta and Isabel Shipman, employee benefits and executive compensation Partner Simone Hicks and of Counsel Lawrence Cagney, Counsel Wendy Widman and Associates Gregory Kramer, Alexandra Schoellkopf and Samuel Siegel, and intellectual property Partner Henry Lebowitz, Associates Yinran Pan and Natalie Mauch and law clerk Alice Zheng.