NEW YORK, Feb 2, 2026, 18:55 EST — After-hours
- Netflix shares slipped roughly 0.9% after the bell, underperforming the broader market’s gains
- Warner Bros Discovery may put the Netflix deal to a shareholder vote in March, reports say
- Traders are focused on the Feb. 3 Senate hearing for new clues on deal timing and financing
Netflix shares dipped 0.9% to $82.76 in after-hours Monday, following a CNBC report that Warner Bros. Discovery may put its $82.7 billion streaming and studio asset sale to Netflix up for a shareholder vote in March. Warner Bros. Discovery said no date is set yet and that it will act after a preliminary proxy filing is completed. Netflix didn’t immediately comment. During the regular session, the stock fluctuated between $82.67 and $85.25 on volume of roughly 41.4 million shares. (Reuters)
The timing is key since investors have been treating Netflix like a deal play, paying more attention to the Warner process than upcoming content. Melissa Otto, head of Visible Alpha Research at S&P Global, said the stock “could be dead money until we get a meaningful catalyst.” She told Fortune the market is waiting for a clearer picture of how the Warner deal will boost earnings and cash flow. (Fortune)
Netflix’s action unfolded amid a stronger market mood: the SPDR S&P 500 ETF Trust climbed around 0.5%, while the Invesco QQQ Trust added nearly 0.7%. Meanwhile, Warner Bros Discovery shares barely budged, and Paramount Skydance Corp., the competing bidder, slipped slightly.
Last month, Netflix upped its offer for Warner to an all-cash $27.75 per share after Paramount Skydance went hostile, turning the bidding into a fierce battle over Hollywood libraries and streaming assets. Netflix secured commitments for a $59 billion bridge loan — a short-term financing tool used until longer-term funding is locked in — then boosted that by another $8.2 billion. The company also announced it would halt share buybacks to preserve cash. (Reuters)
A shareholder vote depends on the final proxy statement, the document detailing deal terms and seeking investor approval or rejection. Until it’s released, traders are left guessing on timing—and what Netflix might have to shell out to catch up with Paramount.
The road ahead looks rocky. Regulators might block the deal over antitrust concerns, and a drawn-out review could weigh on the stock as investors worry about rising debt or forced compromises.
Some investors are keeping an eye on whether Netflix alters its capital return strategy amid the ongoing bidding war. Halting buybacks could unlock cash, but it would also cut out a reliable stream of share demand.
The next key date comes Tuesday, when the U.S. Senate Judiciary Committee’s antitrust subcommittee plans to hold a hearing on the proposed Netflix-Warner deal. Investors will be watching closely for any hints on whether Warner’s vote timeline might speed up or slow down, and if Paramount will extend or enhance its offer before the Feb. 20 deadline. (Reuters)
