Paramount paid Netflix $2.8 billion to walk away from its $82.7-billion Warner Bros. deal — and Netflix stock jumped 14%

Michael Yanow/NurPhoto via Getty Images Netflix gave up on buying Warner Bros. Discovery's studio and streaming business on Feb. 26. By the next day, Paramount Skydance, the company that outbid it, paid Netflix $2.8 billion. The money was a breakup fee written into Netflix's own deal with Warner, and Paramount covered it as part of its winning bid, according to a Warner Bros. Discovery securities filing.