Look at the Merger Agreement and the Investor Presentation f…
Look at the Merger Agreement and the Investor Presentation for Netflix’s acquisition of Warner Bros. Discovery (Nasdaq: WBD). Based solely on the information contained in the merger agreement and presentation (no outside research is necessary), if Paramount-Skydance (backed by Larry and David Ellison) submitted a higher bid and that bid is accepted by Warner Bros. Discovery’s board, is there a termination fee that Warner Bros. Discovery must pay? If so, what is the termination fee as a percentage of the Equity Value of the Netflix offer (a typical metric for termination fee negotiations)?