New York, Feb 11, 2026, 08:46 EST — Premarket
- Netflix shares were up about 0.1% in premarket trading; the stock ended Tuesday at $82.21.
- Activist investor Ancora said it plans to vote against Warner Bros. Discovery’s deal to sell studios and streaming assets to Netflix.
- Rival bidder Paramount has been adding sweeteners, keeping pressure on Netflix’s $82.7 billion agreement.
Netflix shares edged higher in premarket trading on Wednesday as an activist investor moved to challenge Warner Bros. Discovery’s deal to sell its studios and streaming assets to Netflix. NFLX was up around 0.1% at $82.28, after closing Tuesday at $82.21. (Yahoo Finance)
For Netflix stock, the issue is timing and terms. The Warner transaction is the biggest live catalyst around the name right now, with headlines swinging expectations for regulatory approval and what the final bill looks like once the cable assets are carved out.
Paramount on Tuesday tried to raise the temperature, offering Warner shareholders a 25-cent-per-share quarterly “ticking fee” — extra cash that accrues the longer a deal takes — and agreeing to cover a $2.8 billion breakup fee Warner would owe Netflix if it walked away. Ross Benes, a senior analyst at Emarketer, said Paramount was “throwing spaghetti at the wall and hoping something sticks.” (Reuters)
But Warner’s board said it is not changing its recommendation for the Netflix merger agreement and told shareholders it will review Paramount’s amended tender offer. The company also warned investors not to take action on the Paramount offer while the board considers its response. (PR Newswire)
Ancora, which said its stake in Warner is worth nearly $200 million, is trying to force that review into a decision. The activist said it would vote against the Netflix deal at a shareholder meeting expected by April unless Warner reverses its recommendation backing the acquisition. (Reuters)
The “ticking fee” is designed to speak to deal-fatigue. It is a per-share payment that rises with every quarter a transaction is delayed, effectively putting a price on time — and, indirectly, on regulatory risk.
Investors are also watching the mechanics of Warner’s planned separation of its cable-heavy assets into a new company, Discovery Global, before the Netflix purchase closes. The size of the debt pushed onto that spun-out business is one of the variables that can change the value of the overall package.
Volatility is the obvious downside scenario. A tougher antitrust review, a drawn-out shareholder fight, or a surprise change in the cash terms can all push the timetable back and keep NFLX trading on deal headlines rather than operating results.
Paramount said it has extended the expiration date of its tender offer to March 2, and said it complied on Feb. 9 with the Justice Department’s “second request” — an antitrust demand for information that starts a 10-day waiting period. Paramount CEO David Ellison said the new benefits “underscore our strong and unwavering commitment” to its $30-per-share cash offer. (PR Newswire)
