Netflix arranged a $5bn revolving credit facility along with two $10bn delayed-draw term loans to replace a portion of the bridge financing for its Warner Bros. Discovery deal.
Netflix has secured $25bn in new bank financing as it restructures the funding framework supporting its planned acquisition of Warner Bros. Discovery. The move signals a shift away from short-term bridge financing toward longer-term funding as the transaction advances.
In a filing with the US Securities and Exchange Commission dated December 19, 2025, Netflix disclosed that it had entered into two senior unsecured credit agreements with Wells Fargo Bank, which is acting as administrative agent. The facilities include a $5bn revolving credit facility and $20bn in delayed-draw term loans, divided equally into two tranches with maturities of two and three years respectively.
According to the filing, the proceeds from the new facilities may be used to fund the cash portion of the purchase price under the merger agreement signed on December 4, 2025, as well as to cover transaction-related fees and expenses. Netflix also indicated that the funds could be used, at its discretion, to refinance certain existing debt. The company added that the new arrangements reduce its previously disclosed bridge loan commitments on a dollar-for-dollar basis.
The revolving credit facility allows Netflix to borrow, repay and reborrow funds until the earliest of three possible dates: three years following the completion of the merger, the termination of the merger agreement, or December 19, 2030. The maturity of the revolver may be extended by up to one year on two separate occasions, subject to customary conditions.
Earlier, Netflix had revealed a debt commitment letter providing access to as much as $59bn in senior unsecured bridge term loans to support the acquisition. The latest financing move underscores the company’s efforts to transition from temporary bridge funding to a more permanent capital structure as it progresses toward completing the transaction.
