In addition to the purchase price of $31 per WBD share, Paramount's latest offer also included a provision that it would cover the $2.8 billion termination fee that WBD would owe to Netflix for dissolving the existing merger agreement between the businesses. So rather than paying $82.7 billion to acquire the Warner Bros. part of the operation, it appears Netflix may walk away with no new content but padding its coffers with an extra nearly $3 billion.
If you’re interested in more details, check out the Component Book or watch “What is a Component?”.
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Nature, Published online: 25 February 2026; doi:10.1038/d41586-026-00446-7
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