Netflix (NFLX +5.99%), that purveyor of moving pictures delivered through the ether (a truly astonishing feat when you consider the sheer number of cats involved in maintaining the infrastructure), closed Wednesday at $82.7, up a respectable 5.98%. This uptick, you see, is connected to the ongoing saga of Warner Bros. Discovery (WBD 0.84%) – a company which, much like a particularly stubborn cloud, seems to attract bidding wars. And, of course, the ever-watchful gaze of those who ensure markets don’t become too interesting – the antitrust regulators. One wonders if they have a dedicated department for calculating the statistical improbability of mergers. It’s probably quite large.
Trading volume reached 67.5 million shares, which is, if you’re keeping track (and honestly, who isn’t?), about 44% above the three-month average of 46.8 million. Netflix, for those unfamiliar with its history (which, admittedly, feels like several geological epochs ago), IPO’d back in 2002. Since then, it’s grown 69,028%. Which is… a lot. It’s the kind of number that makes one question the very nature of reality. (Is it possible, for instance, that we’re all just algorithms in a particularly elaborate simulation designed to maximize streaming revenue? The thought is… unsettling.)
How the Markets Moved Today
The S&P 500 (^GSPC +0.81%) experienced a gentle upward nudge, rising 0.82% to 6,947. The Nasdaq Composite (^IXIC +1.26%), not to be outdone, added 1.26%, closing at 23,152. Meanwhile, within the streaming realm, other players showed a more subdued demeanor. Walt Disney (DIS 0.90%) dipped slightly to $105.06 (down 0.93%), and Warner Bros. Discovery also saw a minor decline (0.86%), finishing at $28.9. It’s a curious thing, this tendency of markets to occasionally exhibit… reluctance. One almost expects them to need a gentle push.
What This Means for Investors
Paramount Skydance (PSKY 2.21) has upped the ante in the battle for Warner Bros. Discovery, presenting a revised offer. It appears they are positioning themselves as the frontrunner in acquiring those studio assets, a development which, naturally, has caused a ripple effect. Warner Bros. will now carefully consider Paramount’s new bid alongside the existing agreement with Netflix. It’s a bit like choosing between two equally improbable universes. (One can only assume they have a very large flowchart.)
The rise in Netflix’s stock today suggests investors might actually prefer the streaming giant to gracefully withdraw from this particular bidding war, rather than overpay. A perfectly rational sentiment, really. And, should Netflix decide to step aside, they stand to receive a rather substantial $2.8 billion payment. (One imagines that sum could buy a truly remarkable number of cats.)
Mounting antitrust scrutiny, coupled with the inherent complexities of merging assets and intellectual property, seems to have created a situation where investors are content with either outcome. It’s a remarkably zen-like state of affairs, really. One almost expects them to start chanting. (Or perhaps that’s just the sound of the algorithms optimizing for maximum profit. It’s difficult to tell these days.)
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2026-02-26 00:52