Paramount Skydance outmaneuvered rivals in a competitive bidding contest for Warner Bros Discovery, positioning the deal as a strategic move to strengthen its global content library and streaming footprint.
Netflix initially explored an offer to boost scale and market share but withdrew amid valuation concerns, giving Paramount a clear path to clinch the acquisition.
Recap
In premarket trading earlier on Friday, Paramount Skydance’s share price surged nearly 9.5% to $12.24, after rising more than 10% on Thursday.
Netflix’s shares rose nearly 7.2% in premarket trading to $90.68 after ending Thursday with a 2.3% bump.
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