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(RTTNews) - Netflix Inc. (NFLX) on Friday said it received a $2.8 billion termination fee after Warner Bros. Discovery Inc. (WBD) terminated its merger deal to enter into a merger agreement with Paramount Skydance Corp.

According to an SEC filing, WBD notified Netflix on February 26, 2026, that a revised proposal from Paramount Skydance constituted a "Company Superior Proposal" under the merger agreement. Netflix waived its right to negotiate revisions during the four-business-day match period.

On February 27, 2026, WBD formally terminated the merger agreement in accordance with its terms. Concurrently with the termination and entry into a merger agreement with Paramount Skydance, PSKY, on behalf of WBD, paid the $2.8 billion termination fee owed to Netflix.

Following the termination, commitments under Netflix's previously disclosed bridge and credit agreements, which were intended to finance the WBD transaction, were automatically terminated in accordance with their terms.

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