Netflix has put in place $25 billion (€21.3 billion) of new bank facilities as it moves to replace part of the funding package backing its proposed acquisition of Warner Bros. Discovery.
In an SEC filing dated December 19, 2025, Netflix said it entered into two senior unsecured credit agreements with Wells Fargo Bank, National Association acting as administrative agent: a $5 billion (€4.3 billion) revolving credit facility and $20 billion (€17.1 billion) of delayed draw term loans split into two tranches of $10 billion (€8.5 billion) over 2 years and $10 billion (€8.5 billion) over three years.
Netflix said proceeds can be used to fund the cash portion of the purchase price under the merger agreement signed on December 4, 2025, alongside transaction-related fees and expenses, and optionally to refinance certain debt. The company also said the new facilities reduce its previously disclosed bridge commitments on a dollar-for-dollar basis.
The revolver permits borrowing, repayment and reborrowing until the earliest of: three years after completion of the merger, termination of the merger agreement, or December 19, 2030. Netflix can extend maturity by up to 1 year, up to twice, subject to customary conditions.
Netflix previously disclosed a debt commitment letter providing for up to $59 billion (€50.4 billion) of senior unsecured bridge term loans to support the transaction, underlining how the company is now shifting towards a more “permanent” funding structure as the deal progresses.
