Netflix (NASDAQ:NFLX), a provider of on-demand streaming of movies and TV shows, closed Wednesday’s session at $82.7, up 5.98%. The stock advanced after reports highlighted a heating bidding war for Warner Bros. Discovery (NASDAQ:WBD) and intensifying antitrust scrutiny. Investors are watching how Netflix navigates its offer terms and regulatory review.
Trading volume reached 67.5 million shares, about 44% above its three-month average of 46.8 million shares. Netflix IPO’d in 2002 and has grown 69,028% since going public.
S&P 500 (SNPINDEX:^GSPC) rose 0.82% to finish Wednesday at 6,947, while the Nasdaq Composite (NASDAQINDEX:^IXIC) added 1.26% to close at 23,152. Within streaming media services, industry peers showed weaker moves as Walt Disney (NYSE:DIS) closed at $105.06, down 0.93%, and Warner Bros. Discovery finished at $28.9, down 0.86%.
Paramount Skydance (NASDAQ:PSKY) boosted its offer for Warner Bros. Discovery, and may have the upper hand in the battle with Netflix for those studio assets. Warner Bros. will now review Paramount’s new bid against the one it has already accepted from Netflix.
The rise in Netflix stock today implies investors may be happy for the streaming giant to walk away at this point, rather than overpay. Netflix will also receive a $2.8 billion payment if its existing agreement with Warner Bros. is rescinded.
Mounting antitrust pressure and unknowns surrounding the debt and merging of the assets and intellectual property seem to have investors content for either outcome at this point.
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