Netflix investors cheer decision to drop fight for Warner Bros

Shares of the streaming industry leader Netflix rose as much as 13% in extended trading late Thursday after the company announced it was dropping out of the fight to buy Warner Bros Discovery

Netflix dropped the acquisition after Warner Bros.’ board announced a new $111bn (€94.1bn) takeover offer from Paramount Skydance had eclipsed the streaming giant's bid. 

Shares of the streaming industry leader Netflix rose as much as 13% in extended trading late onThursday after the company announced it was dropping out of the fight to buy Warner Bros Discovery.

The decision prompted a sigh of relief from investors, who worried Netflix, a company that rewrote the rules of movies and TV, would end up overpaying billions of dollars to become another me-too Hollywood studio — even if that studio owned coveted film and TV franchises like Batman and Game of Thrones.