New York, February 20, 2026, 14:32 EST — Regular session
- Netflix jumped 1.6% to $78.25, clawing back some ground after Thursday’s slump.
- Netflix’s push to acquire Warner Bros’ studios and streaming assets took another turn, keeping investors watching closely.
- Paramount’s “best and final” deadline lands by the end of Monday, while regulators remain a factor.
Netflix stock climbed Friday, with investors eyeing the latest moves in the ongoing fight over Warner Bros Discovery assets—a takeover saga that’s kept deal risk sharply in focus for media names.
Netflix (NFLX.O) gained 1.6% to $78.25 during the afternoon session, with the stock moving between $76.46 and $78.57.
Why it matters now: Warner Bros isn’t taking the Netflix offer off the table just yet—the shareholder vote remains scheduled—but Paramount Skydance is getting a brief shot to top the bid. Timing is critical here. Even if someone wins on price, the deal won’t close before it clears antitrust review.
Paramount said Friday the U.S. antitrust waiting period for its Warner Bros Discovery bid ended on Feb. 19—a required hurdle under Hart-Scott-Rodino law before any deal can close. But Netflix’s Chief Legal Officer David Hyman fired back, accusing Paramount of misleading shareholders and insisting the company “ha[s] not secured approvals needed to close.” 1
Netflix has plenty of cash on hand and could bump up its bid if Paramount goes higher, according to a Reuters report Thursday that cited sources familiar with the situation. Matt Britzman, a senior equity analyst at Hargreaves Lansdown, remarked, “Price will likely be the deciding factor,” but added a note of caution: the balance “can quickly shift.” 2
Netflix put in a $27.75-per-share offer—roughly $82.7 billion—for Warner Bros’ studios and streaming unit. Paramount, on the other hand, is going after the entire company, cable networks and all, with a $30-a-share, $108.4 billion proposal. That spread is fueling the view that Friday’s action is tied to deal speculation, not just fundamentals at Netflix.
There’s pushback on Wall Street over whether Netflix even needs the acquisition to sustain its momentum. Wedbush analysts doubled down on their upbeat stance, telling Investopedia the streamer “does not need this deal” and describing Netflix’s business as “entirely healthy on its own.” 3
Yet there’s a clear risk here—a fatter offer might push Netflix to shell out above what investors have priced in. And regulators? They might not go easy on a combination that marries Netflix’s streaming heft with a top-tier studio. If scrutiny drags on, momentum fades fast. Bad press could cap the shares, too.
Netflix slipped 1.27% Thursday. Investors seemed to jump on every new filing, quote, or deadline tied to the Warner Bros contest. 4
What’s next? Traders are waiting to see if Paramount comes back with a new bid by the end of Monday (Feb. 23). They’re also scanning for any updates on the antitrust front, with Warner Bros’ shareholder vote on Netflix’s offer set for March 20.
