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Kirkland & Ellis advises Warner Bros. Discovery on $110 billion sale

Deal Overview

Value: $110bn
Deal type: M&A
Structure: Data in progress
Status: Data in progress

Advisors

W

Warner Bros. Discovery

SELLER

Seller counsel

Kirkland & Ellis

Rachel W. Sheridan, P.C.Partner

Capital Markets

Daniel E. Wolf, P.C.Partner

Shagufa R. Hossain, P.C.Partner

Capital Markets

Asher A. QaziPartner

Capital Markets

Edward J. Lee, P.C.Partner

Rachael L. Lichman, P.C.Partner

Allison M. Wein, P.C.Partner

8 lawyers involved

Kirkland & Ellis Overview

Warner Bros. Discovery is separating itself into two public companies: Streaming & Studios, housing Warner Bros. Television, Warner Bros. Motion Pictures Group, DC Studios, HBO, HBO Max and the film and television libraries, and Global Networks, which will hold CNN, TNT Sports in the U.S., Discovery, European free-to-air channels, Discovery+ and Bleacher Report.
The separation is structured as a tax-free transaction into two publicly traded companies, alongside debt-optimization steps funded by a committed US$17.5 billion bridge facility; Global Networks will also retain up to a 20% stake in Streaming & Studios for later tax-efficient monetization to help delever.
The plan was announced on June 9, 2025 and targets completion by mid-2026, subject to closing conditions including final Warner Bros. Discovery board approval, tax opinions or an IRS private letter ruling on tax-free treatment, and market conditions.

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