Netflix confirms receipt of $2.8B termination fee from Paramount for Warner deal

In a regulatory filing, Netflix (NFLX) stated: “On February 26, 2026, Warner Bros. Discovery (WBD) provided notice to Netflix that the revised proposal WBD received from Paramount Skydance Corporation (PSKY) constituted a Company Superior Proposal. In response to such notice, Netflix provided notice to WBD on February 26, 2026, that it was waiving its right under the Merger Agreement to negotiate with WBD for a period of at least four business days in connection with the Determination and confirmed that Netflix would not seek to make any revisions to the Merger Agreement in response to the Determination. On February 27, 2026, WBD provided notice to Netflix that it had terminated the Merger Agreement in accordance with its terms in order to enter into an Agreement and Plan of Merger with PSKY in respect of such Company Superior Proposal. Concurrently with the termination of the Merger Agreement and entry into such agreement between WBD and PSKY, PSKY, on behalf of WBD, paid the $2,800,000,000 termination fee owed to Netflix in accordance with the terms of the Merger Agreement.”