Stock Market Update

The S&P 500 futures currently trade 12 points above fair value. 

The New York Post reported that Paramount Skydance (PSKY 13.56, -0.29, -2.1%) has no immediate intentions to raise its $30 per share bid for Warner Bros. Discovery (WBD 28.51, -0.39, -1.4%). 

Notably, the WBD Board of Directors unanimously recommended that shareholders reject Paramount's offer, remarking it does not meet the criteria of a "superior proposal." The board noted its agreement with Netflix (NFLX 96.14, +1.57, +1.7%) gives WBD shareholders $23.25 in cash, plus $4.50 in shares of Netflix common stock (based on a collar range of $97.91 - $119.67 in the Netflix stock price at the time of closing), plus the additional value of the shares of Discovery Global and the opportunity to participate in future potential upside following Discovery Global's separation from WB. 

Netflix Co-CEO Greg Peters told CNBC this morning that the deal is a win for the entire industry and that the regulatory approval process for the acquisition will conclude based on facts.