All the ways Netflix actually won even though it lost Warner

Netflix investors are getting a happy ending, just not the one the company’s management first envisioned.

The streaming giant’s formal exit from the bidding war for Warner Bros. Discovery has cheered its own shareholders, sending the stock up nearly 14% on Friday. The stock has languished since Netflix announced its deal to acquire Warner in early December, and it was trending down even before that simply on rumors that it might make a play for the storied Hollywood studio. Before Friday, Netflix had shed about a third of its market value since The Wall Street Journal reported in mid-September that Paramount was preparing a bid for Warner.

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