Netflix surges as investors cheer decision to exit Warner Bros race

Netflix jumped more than 10% on Friday as investors applauded its decision to exit the race for Warner Bros Discovery, a months-long bidding war with Paramount Skydance for some of Hollywood’s most prized assets.

Netflix declined to match Paramount’s latest $31 per share bid or raise its offer of $27.75 a share for Warner Bros’s studio and streaming assets, stating that the deal was “no longer financially attractive”.

The decision was welcomed by investors. Shares of the streaming...