Netflix, Inc. 8-K

Summary

Netflix-WBD merger termination. WBD ended the merger agreement after finding Paramount Skydance’s revised proposal superior; Netflix had waived its right to negotiate and said it would not revise its offer. The deal will not proceed, and Netflix received the contractual termination fee.

Key Figures

• Termination fee: $2.8B, paid to Netflix by Paramount Skydance on WBD’s behalf.
• The merger-related bridge financing, incremental commitments, revolving credit facility and delayed-draw term loan commitments automatically terminated with the merger agreement. They had been intended to finance the merger consideration and related costs, and potentially refinance certain debt.