The pricing is $14.99 / 1200 Microsoft Points, which Warner Bros. Interactive Entertainment says is "four [characters] for the price of three." I'm generally wary of paying up front, whether it be pre-ordering or buying a season pass, but at least we have something to go on here -- NetherRealm Studios previously did a pass for Mortal Kombat.
Additionally, NetherRealm and Warner Bros. included screenshots for the recently-announced fighters Black Adam and Raven, viewable below along with an image for this season pass.
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