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 Netflix (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 ...