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Icahn takes 10% stake in Netflix

Billionaire investor Carl Icahn has taken a stake of nearly 10% in online video and DVD rental service Netflix, commenting in a filing with the Securities and Exchange Commission (SEC) that the stock is undervalued and may hold “significant strategic value” for a variety of much larger companies.

The transaction drove Netflix shares to jump 13.88% in yesterday’s trading on Nasdaq, reaching US$ 79.24, and comes hard on the heels of rumours earlier this week that Microsoft may be considering making a bid for the online video service.

Netflix had reached 25.1mn customers for its online streaming services in the US by the end of September, along with 4.3mn subscribers for similar services in other markets, including Canada, Latin America and Europe.

Meanwhile, a new report from US firm ABI Research has found that Netflix accounted for just over half of the US$ 3.2bn OTT market in North America last year, with Amazon and Apple coming second and third respectively.

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