WBD Sees $2.9 Billion Q1 Loss On M&A Charges Including Termination Fee Paramount Paid Netflix

Warner Bros. Discovery posted a whopping $2.9 billion first quarter loss that will likely be a one-time accounting blip, it hopes, since it includes the $2.8 billion termination fee that Paramount paid Netflix to swap places on the merger board.

WBD said the “amount is refundable to PSKY in certain circumstances, such as the termination of the PSKY merger agreement by WBD for a superior proposal or the violation of interim operating covenants, resulting in an obligation for WBD.”

According to Paramount CEO David Ellison earlier this week, however, the Par-WBD deal is on track to close in the third quarter.

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