Why Paramount Skydance Rallied Over 20% Today
Shares of CBS and Paramount Studios owner Paramount Skydance (NASDAQ: PSKY) rallied big-time today, with shares moving 24.2% higher even as the broader stock market indexes slumped as of 1:39 p.m. EDT.
Paramount Skydance had been in a months-long bidding war with (NASDAQ: NFLX) for the prize of acquiring HBO Max owner Warner Bros. Discovery (NASDAQ: WBD). Yesterday, Netflix announced it would not challenge Paramount's latest offer, and Warner Bros. officially declared Paramount's new bid "superior."
While Netflix shares rallied on the relief of not having to buy an expensive asset, Paramount's stock also rose following months of decline, after investors wondered how much it would have to pay up.
Source Fool.com
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