It was officially announced this morning that Netflix and Warner Bros. Discovery have come to an agreement on an acquisition, with the streaming giant set to absorb the Warner Bros. half of the conglomerate. Writing in the Wrestling Observer Newsletter before the news was made official, Dave Meltzer noted the likelihood of the Netflix acquisition and discussed some of the situation’s details. Theo Wargo/Getty Images

Meltzer also cited a Bloomberg article about the deal that included the fact that Netflix has offered a $5 billion “breakup fee” that it would pay to WBD if regulators block the deal from finalizing. According to CNBC, the total value of the deal is over $82 billion.

Executives at Paramount, which was the other frontrunner for purchasing the assets, are said to be unhappy with the way negotiations unfolded, believing that their company is the only one that would get through the impending regulatory process. As a result, according to Meltzer, people within Paramount are discussing ways to approach WBD shareholders to convince them that the Netflix deal will be denied and they’d be better off going with Paramount.

Paramount executives aren’t the only ones upset. The report noted that there is an open letter being drafted by major players in Hollywood addressed to the United States congress, laying out concerns about Netflix owning one of the industry’s biggest studios and the negative impact that would have on movie theaters.