Initially, back in early December 2025, I thought that Netflix's inking of the acquisition of Warner Bros is done and dusted. Then subsequently, Paramount Skydance suddenly jumped in to offer an all cash tender offer at a higher US$110.9 billion. On February 26, 2026, the management of Warner Bros decided to go for the "superior" offer from Paramount Skydance and cancelled the deal with Netflix. As a result, Warner Bros paid Netflix US$2.8 billion for the cancellation. Netflix thus walked away from the acquisition deal and made US$2.8 billion instantly. This is super insane given that the losing bidder, Netflix, gets away with US$2.8 billion of cancellation fees paid on a back to back basis by its rival Paramount Skydance! Additionally, Paramount Skydance debt level of expected US$79 billion escalated to the roof after the win. It asserted that is had identified cost cutting synergy of US$6 billion. This...