According to @garyblack00, citing the New York Post, PSKY is likely to raise its offer for WBD by 10% to $33 per share, creating a higher reference price for merger-arbitrage trading levels (New York Post). The New York Post report also notes WBD would owe a $2.8 billion breakup fee to NFLX if it ends their merger talks and references prior terms of a $30 per share cash bid from PSKY and a $27.75 per share cash-and-stock proposal from NFLX (New York Post; @garyblack00).