New York, Jan 23, 2026, 17:29 EST — After-hours
Netflix (NFLX.O) shares closed up 3.1% at $86.12 on Friday and slipped about 0.1% in after-hours trading. 1
The late-week bounce comes as investors stay glued to the company’s pursuit of Warner Bros Discovery’s studio and streaming assets, with Paramount Skydance trying to derail the deal. It has turned Netflix’s tape into a deal referendum, one headline at a time.
Netflix co-chief executive Greg Peters dismissed Paramount’s hostile bid as lacking credibility, telling the Financial Times it “doesn’t pass the sniff test.” Peters said the rival offer depends on $55 billion of debt and support from Oracle co-founder Larry Ellison, adding that without Ellison “there’s no chance in hell” Paramount could pull it off. 2
Paramount on Thursday extended the deadline for its tender offer — a direct appeal to shareholders to sell their stock — to Feb. 20, without raising its $108.4 billion bid, Reuters reported. Netflix is offering $27.75 per Warner share in cash for the studio and streaming operations, and Warner’s board has backed that deal, with a shareholder vote expected by April. Warner said it was “confident” it can win regulatory approval for the Netflix merger. 3
Washington is moving into the frame as well. Netflix co-CEO Ted Sarandos plans to testify in February at a U.S. Senate committee hearing examining the proposed Warner deal, while Warner confirmed its chief revenue and strategy officer Bruce Campbell is also scheduled to appear. 4
A regulatory filing showed Netflix has been directing investors to a dedicated website about the transaction and flagged risks that include delays, failure to secure approvals and integration uncertainty if the deal closes. 5
Netflix’s move higher came as megacap tech stocks helped the S&P 500 and Nasdaq edge up, even as Intel’s drop and geopolitical concerns kept a lid on gains, Reuters reported. 6
But the setup cuts both ways. Any sign regulators are hardening against media consolidation, or that Paramount is willing to pay up, could force Netflix to reconsider price and financing — and reopen questions about how much cash it can devote to content and other priorities.
When markets reopen on Monday, traders will be watching for any weekend filings or fresh comments from the companies and potential regulators. The next hard dates are Paramount’s Feb. 20 deadline and the Senate hearing in February, before Warner shareholders are expected to vote by April.
