U.S. stock markets are closed today, Thursday, Dec. 25, 2025, for Christmas Day, so there is no official closing bell or “after-hours” session happening tonight. The most recent tradable reference point for Netflix, Inc. (NASDAQ: NFLX) is Wednesday’s shortened session (Dec. 24)—when U.S. markets closed early ahead of the holiday. [1]
That doesn’t mean NFLX is “quiet.” Instead, investors are heading into Friday’s reopen with a fresh stack of deal-related developments, a new company-issued warning tied to a mini‑tender offer, and ongoing debate about Netflix’s long-term strategy as it pursues the biggest entertainment transaction in years.
Below is what to know after the last pre-holiday bell and before the market opens Friday, Dec. 26, 2025.
Where Netflix stock stands heading into Friday (Dec. 26)
Because Christmas Day is a full market holiday, the last official close for Netflix stock came on Dec. 24 at $93.64 (post-split), with about 12.43 million shares traded that day. [2]
Key reference levels from the last session (Dec. 24):
- Close: $93.64 [3]
- Day range: $92.67 – $93.68 [4]
- Holiday schedule context: Dec. 24 was an early close (1:00 p.m. ET), while Dec. 25 is fully closed; regular trading resumes Friday. [5]
The “after-hours” price you may see on platforms tonight generally reflects the last late prints from Dec. 24 and/or stale indications—because there is no new U.S. equities session running on Dec. 25. [6]
Today’s most important Netflix headline: the TRC Capital mini‑tender offer warning
The most concrete, company-sourced update circulating today comes from Netflix’s investor materials: Netflix says it was notified of an unsolicited “mini‑tender” offer by TRC Capital Investment Corporation to buy up to 1,250,000 shares of NFLX at $91.00 per share in cash. [7]
Netflix’s message to shareholders is unambiguous:
- Netflix recommends shareholders reject TRC’s offer, noting the price is below the current market price and is subject to multiple conditions. [8]
- Netflix highlights that mini‑tender offers seek less than 5% of outstanding shares and therefore can avoid “many investor protections” that apply to larger tender offers; Netflix also points to longstanding SEC cautions on the topic. [9]
- Investors who already tendered shares may be able to withdraw them before expiration (per the offering documents). [10]
Why this matters for NFLX into Friday:
Mini‑tender stories rarely change fundamentals, but they can create short-lived headline risk—especially in thin holiday trading conditions—because the word “tender” can be misread as buyout-related. Netflix’s statement is essentially a guardrail: it is not affiliated with TRC and is telling investors to be cautious. [11]
The dominant driver: Netflix’s Warner Bros. deal and the financing drumbeat
Netflix’s stock narrative in late December is still being shaped most by one thing: its proposed acquisition of core Warner Bros. assets.
1) What Netflix says it agreed to buy—and for how much
Netflix and Warner Bros. Discovery announced a definitive agreement under which Netflix would acquire Warner Bros.’ film and TV studios plus HBO Max and HBO in a cash-and-stock transaction valuing WBD at $27.75 per share, with an enterprise value of about $82.7 billion and equity value of about $72.0 billion, according to Netflix’s release. [12]
Netflix also laid out early synergy expectations, saying it expects $2–$3 billion in annual cost savings by year three and expects the transaction to be accretive to GAAP EPS by year two. [13]
Timing-wise, the transaction is expected to close after WBD completes a separation that is currently targeted for Q3 2026, with an overall expected closing timeline of 12–18 months, per Netflix’s deal materials. [14]
2) The financing update investors are watching
A key concern for NFLX shareholders is leverage and execution risk. In the past week, reporting has focused on Netflix reshaping parts of its acquisition financing.
Reuters reported that Netflix refinanced part of its deal-related bridge financing, including arranging a $5 billion revolving credit facility and two delayed‑draw term loans totaling $20 billion, leaving around $34 billion of the original bridge loan to be syndicated. [15]
The Wall Street Journal separately reported the bank package structure in similar terms and described how the new facilities fit into the broader funding plan. [16]
Why this matters into Friday:
Markets often treat financing milestones as “de-risking” events (more certainty that a buyer can close), but they can also intensify debate about whether the buyer is taking on too much debt or paying too much for assets.
3) Rival-bid pressure is still part of the story
The Warner assets have also drawn a hostile bid dynamic that continues to ripple into Netflix coverage.
Reuters reported that Oracle co-founder Larry Ellison provided a personal guarantee tied to Paramount Skydance’s Warner Bros. bid, alongside changes like an increased breakup fee and an extended tender deadline. [17]
Even though that is not a bid for Netflix, it can still move NFLX sentiment because it impacts:
- perceived deal certainty
- the risk of a prolonged, politicized regulatory review
- and the possibility of escalating headline volatility around “who ends up with what” in the media landscape
The biggest risk factor investors keep circling: antitrust scrutiny
As the market heads into the Dec. 26 reopen, one question still hangs over the stock: How hard will regulators push back?
Reuters previously reported that Netflix has argued the deal is needed to compete more effectively—particularly in a world where YouTube and other large platforms dominate attention—but antitrust experts expressed skepticism that regulators will accept that framing for a consolidation of this scale. [18]
Netflix, for its part, has publicly emphasized confidence in clearing regulatory hurdles and described steps such as submitting its HSR filing and engaging with competition authorities (including the DOJ and EU Commission) in its deal communications. [19]
What to watch next: any indication of second requests, regulator timelines, or formal challenges. For NFLX, this is one of those “binary-ish” overhangs that can affect the stock even on days with no earnings news.
Wall Street forecasts today: what analysts are projecting for NFLX
Holiday news flow tends to elevate consensus snapshots—exactly what showed up today.
A MarketBeat analyst roundup published today lists:
- 45 analysts covering Netflix
- a consensus rating of “Moderate Buy”
- and an average 1‑year price target around $129.68 [20]
It also catalogs a wave of revised targets and rating language from multiple firms in December (including examples of lowered targets and reaffirmed neutrals). [21]
How to use this before Friday’s open:
Consensus targets won’t predict tomorrow’s tape, but they do tell you where the “street debate” sits: Netflix still has meaningful bullish support, yet the dispersion of targets suggests the market is pricing higher uncertainty—much of it tied to the Warner transaction and what it means for cash flow and leverage.
Next major catalyst on the calendar: Netflix Q4 2025 earnings (Jan. 20, 2026)
Even though it’s not “tomorrow,” it’s the next scheduled moment that can reset the narrative quickly.
Netflix said it will post Q4 2025 results and business outlook on Tuesday, Jan. 20, 2026, at approximately 1:01 p.m. Pacific Time, followed by a live video interview with top executives at 1:45 p.m. PT. [22]
Why it matters now:
Between now and that date, investors will likely treat every major headline—especially around the Warner transaction and its financing—as either increasing or decreasing the probability that Netflix can hit (or defend) its longer-term margin and free-cash-flow narrative.
Today’s “business strategy” backdrop: Netflix is still leaning into live events and sports
Not every catalyst is purely financial—some are about strategic direction.
A Business Insider piece published today (citing Ampere Analysis) describes how streamers are spending on sports rights, with Netflix holding an estimated 11.3% share of U.S. streamer sports-rights spending in 2025, while also noting internal estimates and caveats around the numbers. [23]
Meanwhile, Christmas Day itself is also a live-events moment: Netflix is distributing at least one NFL Christmas matchup as part of the holiday slate, according to multiple game listings. [24]
Why NFLX investors care:
Sports can be a churn reducer and an advertising catalyst—but it can also be a margin pressure point if rights costs climb faster than monetization. Articles like these don’t set tomorrow’s price, but they influence the medium-term debate: is Netflix building an “everything entertainment” bundle, and can it do that without diluting profitability?
What to watch before the market opens Friday, Dec. 26
Here’s a practical checklist tailored to the headlines that are live right now.
1) Expect “holiday-thin” trading to amplify headlines
Dec. 24 was an early close and Dec. 25 is fully closed—so liquidity patterns can be unusual as desks return on Dec. 26. [25]
In thinner conditions, even routine headlines can look bigger on the tape.
2) Re-check the last session’s key levels
With NFLX closing at $93.64, the immediate reference points are:
- Support area: $92.67 (last session low)
- Near-term resistance area: $93.68 (last session high) [26]
Traders often anchor to these levels right after a holiday because they’re the freshest “consensus” prices.
3) Watch for any incremental deal-financing headlines
This is the market’s most sensitive topic for NFLX right now. Reuters has already detailed the refinancing steps and what remains to be syndicated. [27]
Any update on bond syndication appetite, pricing, or covenant terms could shift sentiment quickly.
4) Separate noise from signal on the TRC mini‑tender story
The mini‑tender is a real headline, but Netflix’s message is essentially: don’t be caught off guard and don’t treat it like a premium offer. [28]
If social media chatter misframes it, you could see brief volatility that later fades.
5) Keep one eye on regulatory posture
Reuters has highlighted skepticism among antitrust observers about Netflix’s competitive-necessity argument. [29]
With deal timelines stretching into 2026, regulatory signals can drive multi-day moves.
Bottom line for the Dec. 26 open
Netflix stock isn’t reacting to a Christmas Day closing bell—because there isn’t one. It is, however, heading into Friday with three live narratives that can move the stock fast:
- A fresh company warning urging investors to reject TRC’s mini‑tender offer [30]
- Continued financing developments tied to the Warner Bros./HBO Max acquisition plan [31]
- A high-stakes regulatory and strategy debate that may define NFLX’s valuation into 2026 [32]
If you’re watching NFLX into the Dec. 26 session, the most important question is less about last night’s “after-hours” print and more about this: does each new headline make the Warner deal look more achievable—or more expensive and harder to close?
This article is for informational purposes only and is not investment advice.
References
1. www.nasdaqtrader.com, 2. www.nasdaq.com, 3. www.nasdaq.com, 4. finance.yahoo.com, 5. www.nasdaqtrader.com, 6. www.nasdaqtrader.com, 7. s22.q4cdn.com, 8. s22.q4cdn.com, 9. s22.q4cdn.com, 10. s22.q4cdn.com, 11. s22.q4cdn.com, 12. s22.q4cdn.com, 13. s22.q4cdn.com, 14. s22.q4cdn.com, 15. www.reuters.com, 16. www.wsj.com, 17. www.reuters.com, 18. www.reuters.com, 19. s22.q4cdn.com, 20. www.marketbeat.com, 21. www.marketbeat.com, 22. s22.q4cdn.com, 23. www.businessinsider.com, 24. www.prideofdetroit.com, 25. www.nasdaqtrader.com, 26. finance.yahoo.com, 27. www.reuters.com, 28. s22.q4cdn.com, 29. www.reuters.com, 30. s22.q4cdn.com, 31. www.reuters.com, 32. www.reuters.com
