Netflix (NFLX) stock price surged 6.87% in pre-market trading to $90.42 after the company announced it was withdrawing from the bidding for Warner Bros. Discovery Channel. Investors welcomed the decision as it will save Netflix over $50 billion in new debt and operational complexity. As an alternative, Netflix will receive a $2.8 billion termination fee and will focus on stock buybacks and its $20 billion content budget.

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