So Netflix just pocketed $2.8 billion from Warner Bros. Discovery over this whole merger termination situation. Apparently WBD was supposed to merge with Netflix but then got a better offer from Paramount Skydance and decided to terminate the original deal instead. Pretty wild that they had to pay that much just to walk away. According to the filing, WBD gave Netflix the heads up on February 26th that Paramount's proposal was better, and by the next day they officially terminated everything and paid up. Netflix waived their right to counter during those four business days - so they just took the termination fee and moved on. The whole thing wrapped up fast. All those bridge loans and credit agreements Netflix had lined up for the deal automatically got cancelled too once the termination went through. Not a bad consolation prize for Netflix honestly. $2.8 billion is nothing to sneeze at, even if the merger didn't happen.