On this episode of Stock Movers:
- Warner Bros Discovery (WBD) closed 4.42% higher after it received a hostile takeover bid from Paramount Skydance for $30 a share in cash on Monday, just days after the company agreed to a deal with Netflix. The offer values Warner Bros. at $108.4 billion, including debt. The bid compares with Netflix’s offer of $27.75 in cash and stock. Paramount’s offer is for all of Warner Bros., while Netflix is interested only in the Hollywood studios, HBO and the streaming business.
- Nvidia (NVDA) finished with a gain of 1.7%, after Semafor reports that the company will soon be allowed to export its H200 chips to China, citing a person with knowledge of the plan. Commerce Secretary Howard Lutnick supports the plan, according to Semafor
- Netflix (NFLX) is down. Executives looked to reassure investors that they’ll be the ultimate owners of Warner Bros. Discovery. Co-Chief Executive Officers Ted Sarandos and Greg Peters told investors at the UBS conference in New York on Monday that they’re “extremely confident” that their deal with Warner Bros. will be approved.
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