Pershing Square Reinvests 3.156 Million Shares in Netflix

Pershing Square USA has repurchased 3,156,394 shares of Netflix. This marks a re-entry after a $400 million loss in 2022, the first in four years. According to the semi-annual report for 2026, the valuation of Netflix shares held as of June 30 is $225.37 million, accounting for 4.9% of net assets. Pershing Square has included Netflix as a new investment target alongside Visa, Mastercard, and S&P Global. Ackman's investment in Netflix is drawing attention due to the failed experience in 2022, and this report describes Netflix as a global streaming platform with over 325 million paid subscribers. Although Netflix's content cash expenditure growth rate has been around 2% annually, its operating profit margin has increased from 21% to 31.5%. Advertising revenue is expected to reach $3 billion this year. Netflix plans to operate advertising subscription plans in 12 markets by 2026 and add 15 more markets by 2027. While Pershing Square has assessed that Netflix has won the streaming war, Morningstar maintains Netflix's fair value at $80 per share, raising concerns about long-term revenue growth.

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