New York, Jan 8, 2026, 11:07 ET — Regular session
Netflix stock was down 0.4% at $90.34 on Thursday, slipping as Paramount Skydance renewed its push to buy Warner Bros Discovery and took fresh aim at the structure of Netflix’s agreed deal for Warner’s studios and streaming assets. Paramount reiterated its $30-per-share all-cash offer and said the cable-network spin-off central to Netflix’s proposal was effectively worth less than nothing; Paramount’s tender offer expires on Jan. 21. 1
The sparring matters for Netflix shareholders because Netflix stock is part of the consideration in the Warner transaction, and a “collar” (a preset price range) can limit how much value the stock leg delivers if NFLX shares move. Paramount CEO David Ellison said, “Our offer clearly provides WBD investors greater value and a more certain, expedited path to completion.” 2
The timing is awkward for Netflix, with its quarterly results due in less than two weeks. The company has said it will post fourth-quarter results and its business outlook on Jan. 20, followed by a live video interview with top executives later that day. 3
In a Form 425 filing on Wednesday, Netflix said it welcomed Warner’s board backing its merger agreement and repeated that the transaction values Warner assets at $27.75 per share, or about $82.7 billion in enterprise value. Co-CEOs Ted Sarandos and Greg Peters said Netflix and Warner will “bring together highly complementary strengths,” while Netflix said it has submitted its Hart-Scott-Rodino filing — a pre-merger notice required under U.S. antitrust law — and is engaging competition authorities in the United States and Europe. 4
Warner’s board chair Samuel A. Di Piazza Jr. said Paramount’s latest offer “remains inferior” and cited “an extraordinary amount of debt financing” that it said raised the risk of a deal failing to close. The board framed Paramount’s proposal as a leveraged buyout, meaning it would rely heavily on borrowed money, and urged shareholders not to tender into Paramount’s offer. 5
The move in Netflix came with the Nasdaq-heavy Invesco QQQ Trust down about 0.6% and SPY roughly flat. Warner shares fell 0.9%, while Paramount Skydance was up about 0.5%; Disney gained about 0.9%.
But the Warner fight is not just headline risk. A long regulatory process could drag on sentiment, and the stock component leaves room for market swings to reshape the economics for either side while rival bidders keep pressing.
Next up: Netflix’s quarterly report on Jan. 20 and Paramount’s Jan. 21 tender deadline, with investors watching for any new filings, changes to deal terms, or signs regulators are digging in.
