Mystery Trader Mints $1.2 Overnight Million in Warner Bros. Options Bet

A trader made more than a million dollars in profit betting on a rise in Warner Bros. Discovery Inc. shares, cashing in the position after Netflix Inc. emerged as the winner from a bidding war for the entertainment company.

The trader spent almost $3 million in premium Thursday afternoon on call spreads, wagering that Warner Bros. shares would be above $23.50 in two weeks’ time, with gains capped above $27. Early Friday, the same trader cashed in the position for $4.1 million, minting a $1.15 million profit, according to Susquehanna Market Intelligence, part of Susquehanna International Group.