Netflix shares climb 9% after dropping Warner Bros bid

Shares of Netflix, Inc. jumped more than 9% on Friday as investors reacted positively to the company's decision to withdraw from the bidding war for Warner Bros. Discovery, Inc.. The streaming leader declined to match a $31 per share bid from a consortium led by PARAMOUNT GLOBAL-CLASS B or increase its own $27.75 per share offer, stating that the acquisition was no longer financially attractive. The move toward fiscal discipline was welcomed by shareholders, as Netflix's stock had shed more than 18% of its value since the potential deal was first disclosed in early December.