Paramount Skydance is buying Warner Bros.
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Warner Bros. Discovery posted a $2.9 billion loss this quarter.
The $2.8 billion breakup fee paid to Netflix makes up most of this loss, but it also includes $1.3 billion in other expenses related to its merger with Paramount. As noted by CNBC, Paramount agreed to cover the hefty termination fee, “but the cost lives on WBD’s books until the close of the deal.”
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