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The world's largest automaker has had a somewhat difficult relationship with battery-electric vehicles. Toyota was an early pioneer of hybrid powertrains, and it remains a fan today, often saying that given limited battery supply, it makes sense to build more hybrids than fewer EVs. Its first full BEV had a rocky start, suffering a recall due to improperly attached wheels just as the cars were hitting showrooms. Reviews for the awkwardly named bZ4x were mixed; the car did little to stand out among the competition.
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But Paramount has reportedly been eyeing WBD for years and followed December's merger announcement with an aggressive hostile takeover bid. On Tuesday, in addition to raising its offer to buy all of WBD, Paramount also agreed to pay a $7 billion regulatory termination fee should a Paramount-WBD merger fail to close due to antitrust regulation, as well as a $0.25 per share ticking fee for every quarter that the deal doesn’t close, starting on September 30.