New York, February 20, 2026, 14:32 EST — Regular session
- Netflix shares rose 1.6% to $78.25, rebounding from Thursday’s drop.
- Investors tracked fresh twists in Netflix’s bid for Warner Bros’ studios and streaming assets.
- Next catalyst: Paramount’s “best and final” deadline due by end of Monday, with regulators still in the mix.
Netflix shares rose on Friday as investors weighed the next steps in a takeover battle for Warner Bros Discovery assets that has kept deal risk front and center in the media sector.
Shares of Netflix (NFLX.O) were up 1.6% at $78.25 in afternoon trade, after swinging between $76.46 and $78.57.
Why it matters now: Warner Bros has kept a shareholder vote on Netflix’s offer on the calendar, but it is also giving rival bidder Paramount Skydance a short window to come back with a higher number. The clock matters because the path to closing still runs through antitrust scrutiny, even as companies jockey on price.
Paramount said on Friday the U.S. antitrust waiting period for its bid for Warner Bros Discovery expired on Feb. 19, a procedural step under the Hart-Scott-Rodino law that must run before parties can close a deal. Netflix Chief Legal Officer David Hyman pushed back, saying Paramount “continues to mislead stockholders,” and added the company “ha[s] not secured approvals needed to close.” Reuters
A Reuters report on Thursday said Netflix has “ample cash” and could increase its offer if Paramount raises its own bid, citing people familiar with the matter. Matt Britzman, senior equity analyst at Hargreaves Lansdown, wrote that “Price will likely be the deciding factor,” while warning the balance can “quickly shift.” Investing
Netflix has bid $27.75 a share, or about $82.7 billion, for Warner Bros’ studios and streaming businesses, while Paramount has pitched $30 a share, or $108.4 billion, for the whole company including its cable networks. That gap is part of why investors are treating Friday’s move as deal-driven, not purely about Netflix’s underlying operating story.
Some on Wall Street argue Netflix does not need the acquisition to keep growing. Analysts at Wedbush reiterated a bullish view and said Netflix “does not need this deal,” calling its business “entirely healthy on its own,” according to Investopedia. Investopedia
Still, the downside case is simple: a higher bid could force Netflix to pay more than the market expects, while regulators could take a harder look at a tie-up that would pair Netflix’s scale in streaming with a major Hollywood studio pipeline. A long review can also drain momentum and keep a lid on the stock if headlines turn.
Netflix fell 1.27% on Thursday, leaving investors quick to trade around each new filing, quote and deadline in the Warner Bros contest. Marketwatch
What’s next: traders are watching for any revised Paramount bid by end of Monday (Feb. 23) and for signals on the antitrust track, ahead of Warner Bros’ March 20 shareholder vote on Netflix’s offer.
