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Warner Bros. Discovery reports $2.9B net loss

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Warner Bros. Discovery posted a first-quarter net loss of $2.9 billion, which compares with a $453 million net loss a year earlier.

The widened net loss is largely due to the deal with Netflix falling through, according to CNBC.

Paramount has agreed to pay the termination fee as part of its agreement to buy Warner Bros. Discovery, but the cost remains on the company's books until the closure of that deal.

Read more from CNBC.

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