Netflix actually won by walking away from the WBD bid, collecting a $2.8B termination fee and driving up the price and debt load of the Paramount-WBD merger (Dan Gallagher/Wall Street Journal)

Dan Gallagher / Wall Street Journal: Netflix actually won by walking away from the WBD bid, collecting a $2.8B termination fee and driving up the price and debt load of the Paramount-WBD merger   —  King of streaming preserves its business model, while Paramount will have to deal with a massive debt load