New York, Feb 17, 2026, 11:20 EST — Regular session
- Netflix shares slipped roughly 1%, with investors eyeing new deal chatter tied to its planned Warner Bros Discovery transaction.
- Warner Bros has scheduled a shareholder vote for March and secured a brief waiver from Netflix, opening the door to talks with competing bidder Paramount.
- Traders are eyeing a possible higher bid, while also tracking the progress of the antitrust review.
Netflix Inc (NFLX) slipped nearly 1% to $76.11 on Tuesday. Investors reacted to fresh doubts clouding the agreed deal with Warner Bros Discovery’s studios and streaming business. During the session, shares moved in a range from $75.34 to $77.97.
This is now front and center for NFLX: the Warner deal is the key near-term swing. If a competitor steps in with a bid, expect the price to climb, the process to drag on, or Netflix to face the call—stick it out and pay more, or walk away from the assets.
Warner Bros Discovery scheduled a special shareholder meeting for March 20, where investors will vote on the Netflix merger. The company also said Netflix has agreed to a limited seven-day waiver, letting WBD talk with Paramount Skydance through Feb. 23. CEO David Zaslav called the board’s “sole focus” maximizing value and certainty. Board chair Samuel A. Di Piazza Jr. reaffirmed support for the Netflix agreement, citing regulatory clarity and downside protections. WBD added that Netflix keeps its matching rights, so it can match any higher bid that comes in.
Paramount’s latest $30-per-share bid puts WBD’s valuation near $108.4 billion. Netflix, for its part, is sticking with $27.75 a share—roughly $82.7 billion—for WBD’s studio and streaming arms. “Time is running out” for Paramount, said PP Foresight’s Paolo Pescatore. “The ball is in Paramount’s court.” 1
Netflix described the deal with WBD as fully financed in its statement, noting it has already filed Hart-Scott-Rodino (HSR) documents to initiate the U.S. antitrust review process. The company also said it’s in discussions with regulators—naming the U.S. Justice Department, the European Commission, and the U.K.’s Competition and Markets Authority among them. 2
But sketching the downside isn’t hard. If Paramount gets a higher offer, that could push up the minimum price; at the same time, shifting deal terms and louder political chatter give regulators room to dig in their heels.
The bigger takeaway for the sector? It’s complicated. Building scale in streaming doesn’t come cheap, and these bidding windows can quickly shift a strategic deal into murky territory for both shareholders and the courts.
All eyes shift to whether Paramount puts out a new offer after Monday’s waiver window shuts, with the Netflix deal heading to a shareholder vote on March 20. 3
