This story was originally featured on Fortune.com
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But after several rejections, Paramount persistently upped its bid. It eventually came back with an all-cash offer at $31 per share and promised to cover the $7 billion regulatory termination fee if its deal with WBD doesn’t close, along with the $2.87 billion termination fee it must pay Netflix for abandoning its deal. Warner Bros. Discovery determined that the deal is “superior,” leading Netflix to walk away, saying it’s “no longer financially attractive.”
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