Warner Bros. Discovery posted a huge loss in the first quarter after recording a $2.8 billion charge on its books for the termination fee paid to Netflix during a bidding war for the media and entertainment company.
Warner on Wednesday posted a loss of $2.92 billion, or $1.17 a share, compared with a loss of $453 million, or 18 cents a share, a year earlier. Analysts polled by FactSet expected a loss of 11 cents a share.
The loss includes the termination fee, which was triggered when Paramount Skydance beat out Netflix with an $81 billion deal to acquire Warner. Even though Paramount paid the fee, the amount would be refundable under certain circumstances, which makes it an obligation for Warner.
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