According to Gary Black, Netflix (NFLX) has emerged as the buyer of Warner Bros. Discovery (WBD) with a cash/stock offer valued at $27.75 per share, financed with an 85% cash and 15% stock mix. Source: Gary Black on X. According to Gary Black, dilution to NFLX is expected to be minimal, with an estimated after-tax cost of debt near 4.0%, current after-tax cash returns on acquired assets of 5.0–5.5%, and management cost synergies projected at $2–$3 billion per year. Source: Gary Black on X. According to Gary Black, offsetting the $82.7 billion enterprise value (including assumed net debt) would require roughly a $1.50 per month price increase per Netflix subscriber over a 10-year asset life. Source: Gary Black on X. According to Gary Black, the transaction is expected to close in 3Q 2026 after a spinoff of WBD’s global networks division and be accretive to NFLX GAAP EPS by year two. Source: Gary Black on X; Netflix company announcement linked by Gary Black. According to the source, neither the analysis nor the company announcement mention cryptocurrencies or tokenization, so no direct crypto market impact was stated. Source: Gary Black on X; Netflix company announcement.