US Stock Market Move | Netflix (NFLX.US) rose 2%. The company plans to complete the acquisition of Warner Bros. Discovery within 12 to 18 months.

On Wednesday, Netflix (NFLX.US) rose 2% to $96.47. According to reports, Netflix plans to complete the acquisition of Warner Bros. Discovery (WBD.US) within 12 to 18 months, and has submitted the related HSR filing. Netflix sent a letter to Warner Bros. Discovery shareholders on Wednesday morning, reiterating its superior offer and urging them to approve the agreement. Netflix co-CEO Ted Sarandos wrote, "The Warner Bros. Discovery board has once again confirmed that Netflix's merger agreement is superior, and our acquisition is in the best interest of shareholders." Warner Bros. Discovery is advising its shareholders to reject Paramount Skydance Company's (PSKY.US) hostile takeover bid and instead support its original agreement with Netflix, stating that Paramount's offer is "inferior" and "insufficient".