T-Mobile Rallies as Activist Pressure Hits Netflix-Warner Deal

T-Mobile US saw its shares rally after the carrier reported continued growth in its high-value phone subscriber base, despite posting lower overall profit. The momentum lifted industry peers, with AT&T and Verizon both trading higher in sympathy as investors weighed the health of the broader wireless market.

Activist Intervention at Warner Bros.

The sector faced downward pressure from Netflix, which slid following reports of a potential deal collapse. Activist investment firm Ancora disclosed a stake in Warner Bros Discovery (WBD) and is reportedly urging management to abandon merger talks with the streaming giant. Ancora has threatened a proxy fight, advocating instead for a rival bid from Paramount and Skydance.

To sweeten the proposal, Paramount recently offered to cover the termination fee associated with the existing Netflix negotiations, according to market reports. This maneuver intensifies the pressure on WBD leadership to pivot away from the Netflix tie-up in favor of the Skydance-backed alternative.

In the mobile technology space, AppLovin shares retreated after the company’s quarterly earnings failed to meet the high expectations of some investors. While the firm remains a key player in mobile advertising, the latest figures suggest a cooling of the recent rally in ad-tech valuations.