How Bill Ackman Justifies His Netflix Purchase
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Bill Ackman (Pershing Square) has bought Netflix because he views the company as the clear and highly profitable winner of the global "Streaming Wars." After exiting in 2022 with a loss of around 400 million USD due to an abrupt decline in subscribers, Pershing Square has rebuilt its position (3.15 million shares or nearly 5% portfolio share) with a clear investment thesis: Superior global scaling: With over 325 million subscribers, Netflix has a reach that is nearly twice as large as its next competitors (Disney+, HBO Max). This size allows...
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