New York, Feb 11, 2026, 08:46 EST — Premarket
- Netflix shares edged up roughly 0.1% in premarket trading after closing Tuesday at $82.21.
- Activist investor Ancora announced it will oppose Warner Bros. Discovery’s plan to sell its studios and streaming assets to Netflix.
- Paramount, a rival bidder, has been throwing in sweeteners to ramp up the pressure on Netflix’s $82.7 billion deal.
Netflix shares ticked up slightly in premarket trading Wednesday, as an activist investor stepped in to contest Warner Bros. Discovery’s plan to offload its studios and streaming businesses to Netflix. NFLX gained about 0.1%, reaching $82.28, after Tuesday’s close at $82.21. 1
Netflix stock is all about timing and terms. Right now, the Warner deal is the main live catalyst, driving shifts in expectations over regulatory approval and the final cost once the cable assets get separated.
On Tuesday, Paramount turned up the pressure, proposing a 25-cent-per-share quarterly “ticking fee” to Warner shareholders—extra money that accumulates the longer the deal drags on. They also offered to cover a $2.8 billion breakup fee Warner would owe Netflix if the deal fell through. Ross Benes, a senior analyst at Emarketer, dismissed the move as “throwing spaghetti at the wall and hoping something sticks.” 2
Warner’s board confirmed it is sticking with its recommendation for the Netflix merger agreement and plans to review Paramount’s revised tender offer. The company urged shareholders to hold off on any decisions regarding Paramount’s proposal while the board evaluates its next move. 3
Ancora, valuing its Warner stake at close to $200 million, is pushing for a quicker decision on the review. The activist firm has threatened to vote down the Netflix deal at an upcoming shareholder meeting, expected by April, unless Warner withdraws its support for the acquisition. 4
The “ticking fee” addresses deal fatigue by charging a per-share amount that increases each quarter a transaction drags on. This mechanism essentially puts a cost on time and, by extension, on regulatory uncertainty.
Investors are closely tracking how Warner plans to spin off its cable-heavy assets into a new entity, Discovery Global, ahead of the Netflix deal closing. One key factor affecting the total value of the package is how much debt gets loaded onto that new company.
Volatility stands out as the main risk. A stricter antitrust review, a prolonged shareholder battle, or an unexpected shift in cash terms could delay the timeline, leaving NFLX stuck trading on deal news instead of actual performance.
Paramount has pushed back the deadline for its tender offer to March 2. On February 9, it met the Justice Department’s “second request” for antitrust information, triggering a 10-day waiting period. CEO David Ellison emphasized the move highlights their “strong and unwavering commitment” to the $30-per-share cash bid. 5
