NEW YORK, December 30, 2025, 4:42 PM ET — After-hours
Netflix (NFLX.O) shares slipped in after-hours trade on Tuesday after a report said Warner Bros Discovery was expected to reject Paramount Skydance’s latest hostile bid, keeping Netflix’s offer in play. Netflix was down about 0.4% at $93.78.
The bidding fight matters now because it has become the clearest near-term driver for Netflix sentiment, with investors weighing deal certainty against the risk of a higher price or tougher terms. It has also kept attention on how much balance-sheet risk Netflix would take on in a blockbuster transaction.
Year-end trading conditions have amplified the reaction to headlines. With volumes thinner than normal, small shifts in deal odds can translate into outsized moves across media and streaming names.
Warner Bros Discovery (WBD.O) is expected to reject Paramount Skydance’s amended $108.4 billion bid, CNBC reported, despite billionaire Larry Ellison backing the offer with a personal guarantee. Paramount kept its $30-per-share all-cash price, raised its regulatory reverse termination fee — a penalty if approvals fail — and extended its tender offer deadline, while Warner Bros has shown more interest in Netflix’s $82.7 billion cash-and-stock proposal; that agreement carries a $2.8 billion breakup fee if Warner Bros walks away, Reuters reported. 1
For Netflix shareholders, the risk is less about Tuesday’s tape and more about what happens if the contest drags on. A protracted fight could keep Netflix’s share price — and the implied value of a stock-linked offer — as the bargaining chip.
The broader market offered little help. U.S. stocks finished near flat in choppy, holiday-thin trade, and “it’s just a healthy rebalancing of allocations more so than an emotionally driven sell-off,” said Mark Hackett, chief market strategist at Nationwide. 2
Investors are watching for any formal response from Warner Bros and whether Paramount returns with revised terms, as well as early signals on antitrust risk. Reuters reported that lawmakers from both parties have raised concerns about further media consolidation and that President Donald Trump has said he plans to weigh in. 1
The next scheduled Netflix catalyst is its fourth-quarter report. Netflix said it will post results and its business outlook on Jan. 20, 2026, followed by a live video interview with co-CEOs Ted Sarandos and Greg Peters and other executives. 3
From a chart perspective, Netflix has slid about 13% in December and is trading well below its 2025 peak, even as it remains above its 52-week low. The stock’s 52-week range is roughly $82 to $134, according to market data. 4
Before Wednesday’s open, traders will be looking for follow-on deal headlines and any commentary that clarifies whether Netflix’s bid remains the preferred path. Until then, Netflix shares are likely to trade as a proxy for deal probability rather than content cadence.
