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May 26, 2017

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Netflix surges after corporate raider Carl Icahn buys near 10-percent stake

NEW YORK -- Netflix shares surged Wednesday on news that corporate raider Carl Icahn had acquired a stake of nearly 10 percent in the online video giant.

A filing with the Securities and Exchange Commission showed Icahn had acquired some 5.5 million shares or 9.9 percent through various investment firms he controls, starting in September.

Netflix rallied as much as 22 percent on the news, and closed up 13.8 percent at US$79.17.

Icahn is known for buying up stakes in a company, in some cases seeking control to restructure a firm. In other cases he may resell a stake for a profit. He is known for taking large or controlling stakes in firms such as TWA, MGM and Yahoo.

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