Netflix receives $2.8B termination fee after WBD ends merger to pursue PSKY deal

NETFLIX INC

WBD terminated Merger Agreement on Feb 27, 2026 to accept superior proposal from Paramount Skydance Corporation.
Netflix received $2.8 billion termination fee paid by PSKY on behalf of WBD.
Netflix waived its right to negotiate on Feb 26 after WBD's notice of superior proposal.
All financing commitments (Debt Commitment Letter, 2025 RCF, DDTL, Incremental Commitments) terminated.
The terminated deal would have merged WBD's Streaming & Studios businesses into Netflix.

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