Ackman's Pershing Square re-entered NFLX with a new stake, lifting shares 4%, four years after exiting the same position at a loss. DIS and WBD each rose under 1%, confirming markets treated the move as a Netflix-specific catalyst, not a broad streaming sector re-rating. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Netflix didn't make the cut.
Grab the names FREE today. Netflix (NASDAQ:NFLX) shares are up 4% to $78.80 in Tuesday midday trading after Bill Ackman's Pershing Square disclosed a new position in the streaming company. The catalyst stands out because Netflix stock is climbing well ahead of its closest streaming peers on the day.
Shares are still down 16% year to date (YTD) through Monday's close, and the stock has fallen 37% over the past year. The rally partially offsets that decline. What makes the trade notable is that Ackman previously owned this same name in 2022 and exited at a loss.
In its Q2 2026 investor letter, Pershing Square laid out its Netflix thesis directly. Ackman has separately stated that Netflix has "won the streaming wars": We acquired a position in Netflix, a business we briefly owned in 2022 and have followed closely ever since. Netflix is the dominant global streaming platform with over 325 million subscribers, nearly double the combined base of its two closest competitors, Disney+ and HBO Max.
When we first invested in early 2022, investors feared an escalating content arms race among a crowded field of streaming entrants. At the same time, cash content spend substantially exceeded content amortization, weighing on free cash flow. The launch of a previously disavowed advertising tier added further uncertainty.
Pershing Square filed under Schedule 13G on August 14, days before the news catalyzed Tuesday's move. That filing carries a passive intent designation, though the 2022 attempt ended in a loss, which sits in tension with the current re-entry. Disney (NYSE:DIS) stock is up 0.9% to $104.51 on Tuesday.
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