Bill Ackman’s Pershing Square re-enters Netflix with a new position, driving a 4% gain despite a 16% year-to-date drop.
Netflix shares rose 4% to $78.80 in midday trading after Pershing Square disclosed a new stake in the company. The move follows Ackman’s exit from the same position in 2022 at a loss, marking a reversal in sentiment.
The stock remains down 16% year-to-date and 37% over the past year, though the rally offsets some of the recent decline. Netflix leads the streaming sector with 325 million subscribers, nearly double the combined base of Disney+ and HBO Max.
Disney and Warner Bros. Discovery shares saw minimal gains, indicating the market views the move as Netflix-specific rather than a broader sector catalyst.