Paramount paid Netflix a $2.8 billion termination fee Friday after Warner Bros. Discovery determined Paramount's merger offer was superior to Netflix's deal, prompting Netflix to exit the bidding process. Netflix, which will now have nearly $3 billion in additional capital, confirmed the cancellation in an SEC filing as Paramount and WBD moved toward completing their transaction.
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Paramount paid Netflix a $2.8 billion termination fee Friday after Warner Bros. Discovery determined Paramount's merger offer was superior to Netflix's deal, prompting Netflix to exit the bidding process. Netflix, which will now have nearly $3 billion in additional capital, confirmed the cancellation in an SEC filing as Paramount and WBD moved toward completing their transaction.