Netflix stock rose 2.5% in morning trading after announcing that it bought videogame maker Night School Studio in a move to diversify its revenue sources. Night School Studio is best known for the supernatural-themed video game “Oxenfree.”
The streaming giant has had a series of hit shows by partnering with creative studios in South Korea since it began offering service in the country in 2016. The latest hit --Squid Game-- has topped its global rankings this month, becoming the first Korean drama to claim the No. 1 spot in the U.S.
Netflix price target raised to $493 from $448 at Benchmark, sell stock rating maintained.
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