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27.01.2022 - 02:21 / deadline.com
Netflix rose handily in after-hours trading Wednesday following news that Bill Ackman’s Pershing Square Capital has acquired more than 3.1 million shares to become a top-20 stockholder.
He bought on a big dip. The streamer’s stock has been killed since its fourth-quarter earnings report last week, and amid a series of broad market selloffs tied to interest rate jitters. Investors reacted negatively to Q4 subscriber growth and management guidance. In Pershing Square’s letter to shareholders today, Ackman called that an “opportunity to acquire Netflix at an attractive valuation.” The shares closed down 1.8% but reversed course after hours, up nearly 5%.
“We have greatly admired Netflix both as consumers and as investors, but have never previously owned a stake in the company,” he said, calling the platform founded by Reed Hastings “a primary beneficiary of the growth in streaming and the decline in linear TV driven by its superior customer experience, a vast and diverse amount of superb, constantly refreshed content, global improvements in bandwidth, and the proliferation and continuous improvement and convenience of devices on which one can watch.”
He said Pershing acquired the shares starting on Friday and over the last several days.
The letter laid out why he likes Netflix:
-“Subscription-based, highly recurring revenues, which have enormous future growth potential”
-“A truly best-in-class management team and unique high-performance culture”
-“Economies of scale and superb quality in its industry-leading content, which should continue to drive future growth and widen the company’s powerful competitive moat”
-“Pricing power derived from the enormous value it delivers to consumers compared with other alternatives”
-“Substantial
The 2022 Super Bowl is one day away and we have all the details you need to know about the big game!
UPDATED: The Los Angeles County Coroner’s Office issued its report today on the death of Anthony Johnson. The document indicates that the Friday and House Party actor died from “chronic ethanol use.” In other words, chronic drinking. The report also reveals that Johnson died in the hospital and had no other significant conditions.
Molly-Mae Hague underwent surgery back in September 2021 to remove a lump she found in her breast. Now, the former Love Islander has opened up on the experience, sharing all from the moment she found the lump to the operation.The 22 year old, who recently gifted her £32,000 Range Rover to her sister and bought her "dream car", spoke out after being asked several questions during an Instagram Q&A with her 6.2million followers. "I have found a lump in my boob &referred to the hospital for tests how was ur experience?" one person asked her.
The 2022 Super Bowl is just days away and we have all the details you need to know about the big game!
Clark Olofsson is not a widely known figure in the States, but for three decades he was Sweden’s answer to John Dillinger. With his daring criminal lifestyle and charismatic personality, Olofsson captured the public’s imagination and eventually became the most infamous celebrity in the country.
Shares in local TV station owner Tegna jumped more than 7% today after a report it is in advanced talks to sell itself to Standard General, one of its largest shareholders.
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EXCLUSIVE: The story of Kenny Gamble, Leon Huff, and Thom Bell, who created the sound of Philly Soul, is to be chronicled in a new feature documentary.
Todd Spangler NY Digital EditorNetflix and Spotify shares both popped Monday after Citi analysts upgraded both stocks to buy ratings, saying the market is undervaluing their longer-term upside.Shares of both companies climbed in early trading Monday, with Netflix up more than 6% and Spotify up more than 5%.In the previous 30 days, Netflix shares had slumped 32% and Spotify dropped 26% on investor concerns over slowing streaming subscriber growth. The selloff “suggests prevailing equity values don’t assume material sub growth or improving subscriber economics beyond 2023,” the Citi team led by Jason Bazinet wrote in a research note in upgrading the stocks from “neutral” to “buy.”“While Netflix and Spotify may see more modest sub growth, we see other top-line vectors,” the analysts wrote.
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The second part of A&E’s two-night docuseries saw Janet Jackson looking back on the most infamous moment in her career, the breast-baring Super Bowl halftime performance with Justin Timberlake in 2004.
Janet Jackson is addressing her infamous 2004 Super Bowl Halftime Show performance with Justin Timberlake.
Netflix Co-CEO Reed Hastings bought $20 million shares of the streaming giant after a big drop in the stock price following quarterly earnings.
Todd Spangler NY Digital EditorNetflix shares — after dropping 30% over the past week — rose more than 4% in after-hours trading Wednesday after Bill Ackman, head of the Pershing Square Capital Management hedge fund, disclosed that his firm had bought more than $1 billion worth of the streamer’s stock.Starting last Friday (Jan. 21) and over the next several days, Pershing acquired more than 3.1 million shares of Netflix, “making us a top-20 shareholder in the company,” Ackman wrote in a letter to the hedge fund’s investors.Click here to sign up for Variety’s free Strictly Business newsletter covering earnings, financial news, and more.The hedge fund scooped up the stake in Netflix after the stock took a nosedive following its fourth-quarter 2021 earnings report, in which it forecast a much smaller-than-expected subscriber gain in the first quarter of 2022 — fueling investor fears that the category leader was losing steam.
Chase & Status have been announced as the headliners of the new London festival Electric City.The inaugural event will take place on Clapham Common in the capital on August 28, and will see the duo performing their only live London date of 2022.Chase & Status will be performing their brand new live show during their headline slot at Electric City, with the likes of Headie One, Andy C and Jme (presenting ‘Grime MC FM’) also set to perform during the day.Pre-sale tickets will be available to purchase on February 3 at 10am by signing up here, while general sale is set to commence at 1pm the same day.Electric City. Clapham Common.