Paramount Is Said to Have Paid $2.8 Billion Netflix Breakup Fee

Paramount Skydance Corp. has paid the $2.8 billion breakup fee owed to Netflix Inc. after the streaming company dropped its planned deal to buy parts of Warner Bros. Discovery Inc., according to people familiar with the move.

Warner Bros. is expected to announce later Friday that it formally signed an agreement to be acquired by Paramount, said the people, who asked to not be identified because they weren’t authorized to speak publicly.

Netflix said on Thursday it was dropping out of the bidding to acquire the Warner Bros. studios and HBO Max streaming business, paving the way for Paramount ...