$NFLX

Netflix filed a motion to dismiss Tyra Banks’ defamation suit tied to its docuseries “Reality Check: Inside America’s Next Top Model.” Banks alleges she was portrayed as insensitive to contestant Shandi Sullivan’s sexual assault claim due to allegedly deceptive editing. Netflix says the complaint targets routine editorial discretion and notes a waiver limiting creative control.

Harvard Management Company disclosed a $2.21 billion stake in SpaceX, holding 12,935,100 shares valued as of June 30, making it over half of HMC’s reported $4.26 billion portfolio. SpaceX IPOed June 12 at $135, briefly hit about $225, and traded near $140 on Aug. 14. HMC also reported changes in TSMC, Nvidia, AI holdings, reduced Ethereum and Bitcoin, and gold fund shifts.

The article says Amazon Games will stop publishing Throne and Liberty by end-2026, with FirstSpark Games and NCSoft taking over, and will exit Lost Ark in early 2027, with Smilegate becoming publisher. It also says Netflix will close Night School Studio and Moonloot as it scales back Netflix Games. The games continue for players, with progress retained.

Pershing Square, led by Bill Ackman, bought more than 3.1 million shares of Netflix after a steep early-2022 selloff, then exited the position three months later following Netflix’s first subscriber decline in a decade. Pershing says it re-added Netflix after shares fell about 50% from June 2025 highs, citing improved margins, free cash flow and a lower valuation.

Netflix and Disney are exploring free, ad-supported streaming tiers. Disney CEO Josh D’Amaro said Disney is considering a free product, and Netflix co-CEO Greg Peters said Netflix will keep evaluating a free offering in some markets. Neither company has announced a launch or scope, but the shift could affect subscription economics and ad revenue.

Netflix said it is closing two gaming studios. It shut down the Hollywood-based Night School, maker of narrative games including Oxenfree, and proposed closing Helsinki-based Moonloot. Netflix attributed the move to organizational changes and eliminating roles to run games more efficiently. The article notes Netflix’s games have had mixed results and cites its recent earnings commentary on cloud and kid games.

Netflix announced it is ordering the YA series “Sid & Zoey” to series, an 8-episode supernatural mystery and romance created by Jon Kasdan and John Shiban, with Blumhouse Atomic Monster and Bad Robot executive producing. Netflix also announced “Sunshine Girls” for a December exclusive debut, plus casting and production updates for “Minimum Wage” and “Finding Her Edge” season 2.

Reuters reports Tiger Global Management, via its Q2 13-F filings, reduced stakes in Alphabet, Nvidia, Microsoft, Amazon, Meta, Netflix, Broadcom and Taiwan Semiconductor Manufacturing. It increased Intel holdings to 4.25M shares. It also initiated positions in AMD (674,727 shares) and SpaceX (375,000 shares).

Netflix shares (NFLX) fell after a prior 5% jump tied to Bill Ackman’s Pershing Square returning with a new bet. Pershing Square estimates Netflix has 325M+ subscribers and a ~31.5% operating margin versus ~21% in 2021, with content spending up ~2% annually and revenue up ~12%. It also projects ad revenue near $3B this year and cites a valuation gap versus GuruFocus.

Netflix said it is changing its in-house gaming strategy, cutting some studios and jobs while continuing to expand its games catalog. After earlier studio shutdowns, it is now closing or reducing work at studios including Night School Studio and Moonloot, according to Game File. Netflix said changes aim to narrow focus, not exit gaming.