10 Stocks Ending February With a Bang

3. Paramount Skydance Corp. (NASDAQ:PSKY)

Paramount Skydance soared by 20.84 percent on Friday to finish at $13.51 apiece, after its rival firm, Netflix, surrendered from their billion-dollar bidding war for the acquisition of Warner Bros Discovery.

In a statement, Paramount Skydance Corp. (NASDAQ:PSKY) said that it officially inked a definitive agreement with Warner Bros for the acquisition of the latter for $110 billion.

Under the agreement, the David Ellison-led entertainment giant would acquire Warner Bros’ shares at a price of $31 apiece, topping Netflix’s earlier offer of $27.75. Both firms’ board of directors have already approved the transaction, which is expected to close in the third quarter of the year, subject to other closing conditions.

In the event that the transaction is not closed by September 30, Paramount Skydance Corp. (NASDAQ:PSKY) would pay each WBD shareholder a $0.25 per share of what it called a “ticking fee” for each quarter until the successful closing of the transaction.

On the same day, Netflix said that it would no longer raise its bid, saying that the deal “is no longer financially attractive.”

“We believe we would have been strong stewards of Warner Bros.’ iconic brands, and that our deal would have strengthened the entertainment industry and preserved and created more production jobs in the US. But this transaction was always a ‘nice to have’ at the right price, not a ‘must have’ at any price,” it noted.