Netflix discloses termination of Warner Bros. merger and associated debt commitments

Netflix disclosed that WBD terminated their merger agreement on February 27, 2026. Paramount Skydance paid Netflix the USD 2.8 billion termination fee on WBD’s behalf. Netflix’s bridge, incremental bridge, revolving-credit and delayed-draw loan commitments associated with the transaction automatically terminated. The fee was paid to Netflix; it was not a Wells Fargo advisory fee or loan. This ends the proposed acquisition announced in December 2025.