Netflix Inc. has refinanced a portion of the $59 billion bridge loan arranged to support its potential acquisition of Warner Bros. Discovery Inc., according to a regulatory filing on Monday.
The streaming giant secured a $5 billion revolving credit facility along with two delayed-draw term loans of $10 billion each, reducing the outstanding bridge financing to $34 billion, which will now be syndicated.
Netflix reached a deal in early December valuing Warner Bros.’ studio and streaming assets at $82.7 billion.
The transaction has triggered a high-stakes bidding war after Paramount Skydance Corp. made a hostile counter-offer, involving massive debt commitments.
Warner Bros. Discovery has urged shareholders to reject Paramount’s bid, calling it “inferior and inadequate” and citing concerns over financing risks.
While Netflix has the backing of Warner Bros.’ board, the deal still faces regulatory and political scrutiny.
