By Rebecca Feng
Hollywood will never be quite the same.
Netflix has agreed to buy Warner Bros. Discovery's studios and streaming business for $83 billion, including debt, in a mammoth deal that is set to reshape the entertainment and media industry. Warner Bros. shares rallied. Stock in Paramount Skydance, a rival suitor, sank.
Stock indexes pared early gains with the Nasdaq composite recently up 0.2%.
The Federal Reserve got one last inflation reading to consider before next week's rate decision, at which it is widely expected to cut rates again.
A delayed readout of the Fed's preferred gauge, PCE, showed price pressures accelerating slightly in September. The personal-consumption expenditures index rose 2.8% from a year earlier, in line with consensus expectations.
Overseas, Asian benchmarks mostly rose, except for the Nikkei 225, which was buffeted by rising expectations for a Bank of Japan rate hike. The Stoxx Europe 600 closed nearly flat.
In recent trading:
--Bitcoin prices dropped below $90,000.
--A stronger U.K. pound weighed on the dollar. The WSJ Dollar Index is on track for its biggest two-week percentage decline since early July.
--Copper futures rose in London, on track to hit another record closing high amid fears of new U.S. tariffs.
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(END) Dow Jones Newswires
December 05, 2025 14:36 ET (19:36 GMT)
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