Paramount up 2% after Insider suggests as possible Netflix target

Shares of Paramount (PARA) are up 2% in Wednesday afternoon trading after Business Insider published a story available exclusively to Insider subscribers titled “Inside Netflix’s growing M&A machine, who’s leading it, and what insiders think the streamer could buy next.” In the story, Insider stated: “With the share price roaring back 130% this year after a bruising 2022, some company watchers point out that Netflix now has stock that could make sense to use as currency for a big acquisition like Paramount or another studio. They also have speculated that it could look at gaming, advertising, or sports companies.” The report goes on to state: “Hastings and co-CEO Ted Sarandos at one point were interested in buying a big studio to solidify Netflix’s presence in Hollywood, but didn’t want the associated declining linear businesses, said a person familiar with Sarandos’ thinking. Netflix has explored Paramount for its studio business. It looked at MGM before Amazon bought it for an eye-popping $8.5 billion. There were conversations about buying a Korean studio, a knowledgeable source said.”