This market will resolve to “Yes” if, Netflix (directly or through a subsidiary) acquires control of Warner Bros.’ film and TV studios and associated streaming/pay-TV businesses (including HBO / HBO Max and related content libraries), as described in the companies’ December 5, 2025 acquisition announcement by December 31, 2026, 11:59 PM ET. Otherwise, this market will resolve to “No”.

If the transaction is terminated, allowed to lapse past its contractual outside date without closing, blocked by regulators, or replaced by an alternative structure in which Netflix does not acquire control of Warner Bros.’ film/TV studios and streaming business, this market will resolve to “No”.

If the acquisition closes on substantially similar terms—even with changes to price, mix of cash/stock, or required divestitures—but Netflix still ends up in control of the Warner Bros film and TV studios and the HBO/HBO Max streaming business, this market will resolve to “Yes”.

Resolution will be based on official company communications and regulatory filings from Netflix and Warner Bros. Discovery (or any successor entities), supplemented as needed by a consensus of reporting from major reputable news outlets.