New York, February 13, 2026, 07:25 EST — Premarket
Netflix shares were last at $75.86 in premarket trading on Friday after closing down 4.7% in the previous session, as a new boardroom twist hit its proposed Warner Bros Discovery deal. Paramount Skydance has held talks with Matthew Halbower, founder of hedge fund Pentwater Capital Management, about running for a seat on Warner’s board to oppose the planned tie-up; Pentwater holds about 50 million Warner shares. “I want the board of Warner Bros to exercise their fiduciary duties and negotiate with Paramount,” Halbower told Reuters, while saying neither he nor Paramount had made a final decision. (Reuters)
For Netflix investors, the issue is no longer just whether the streamer wants Warner’s assets. It is how long the fight lasts, how much cash it ultimately demands, and whether the company ends up paying more to keep the deal together.
A proxy fight — a campaign to replace directors — can stretch for months and turn every filing into a market catalyst. Paramount has been dangling deal sweeteners, including a “ticking fee” (extra cash if closing is delayed) and a breakup fee (a penalty if the target walks away), which puts a price tag on time and on uncertainty.
The tape was already jumpy. U.S. indexes fell sharply on Thursday, with the Nasdaq down about 2% as investors leaned harder into a tech selloff tied to artificial intelligence disruption worries. “We see this as a ‘prove it’ year for AI,” said Jack Herr, primary investment analyst at GuideStone Funds. (Reuters)
The Warner pursuit has also pushed Netflix to conserve cash. The company told investors last month it would pause share buybacks to accumulate funds to help finance the Warner deal; Netflix stock had lost about 20% since it launched its bid in early December, Reuters reported at the time. (Reuters)
U.S. stock index futures were little changed early Friday as investors waited on inflation data that could reset expectations for Federal Reserve rate cuts, Reuters reported. (Reuters)
Still, the risk case for Netflix is straightforward: the bidding war gets messier, the timetable stretches, and the stock stays chained to deal chatter instead of operating results. A drawn-out board challenge also raises the odds that either side tweaks terms again, reopening arguments over value.
Economists in a Reuters survey expect the consumer price index to rise 0.3% in January, matching December, with annual inflation seen slowing to 2.5%. “Firms tend to raise prices at the beginning of the year,” Morgan Stanley economist Diego Anzoategui said. (Reuters)
The Labor Department is scheduled to publish the January CPI at 8:30 a.m. ET on Friday, Feb. 13, a release that can swing rate-sensitive growth stocks. After that, traders’ next tripwire is any fresh statement or filing from Netflix, Paramount or Warner that shows whether this board fight is real, or just another threat. (Bls)
