Warner Bros. Discovery (WBD) is expected to announce on Friday that it officially signed a deal to be purchased by Paramount Skydance (PSKY), with Paramount having paid the $2.8B breakup fee owed to Netflix (NFLX) after the streaming giant declined to raise its offer for Warner Bros. assets, Bloomberg’s Lucas Shaw reports, citing people familiar with the matter. Netflix shares are up 13% in afternoon trading.
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