Shares in streaming media giant Netflix hit another all-time high following a federal court ruling allowing AT&T to purchase Time Warner for $85 billion.
The ruling could lead to other media companies merging together and being acquired by larger companies.
Goldman Sachs also raised its target for Netflix shares from $390 to $490. That helped the company’s stock price climb $16.10 or 4.43% to close at $379.93.
Netflix now has a market capitalization of $158 billion and shares are up 98% this year and over 150% in the last 12 months.