New York, Feb 6, 2026, 17:47 EST — Trading after hours.
- The DOJ has started looking into Netflix’s business conduct while it reviews the proposed Warner assets deal, according to WSJ.
- Netflix shares picked up roughly 1.6% after hours.
- Traders keep an eye on what regulators do next, with Warner’s shareholder vote set for March still on the docket.
The U.S. Justice Department is broadening its probe into Netflix’s planned tie-up with Warner Bros Discovery, according to the Wall Street Journal. Netflix shares picked up 1.6%, closing at $82.20 in after-hours action. 1
Netflix shares are now moving on Washington’s antitrust review—an unpredictable process that can delay, alter, or kill major deals. Traders are busy sizing up both the odds and potential strings attached to an $82.7 billion transaction that could instantly shift Netflix’s content portfolio and negotiating clout.
The stakes in Friday’s report are less about what Netflix hopes to buy, and more about the larger issue: how it stacks up against rivals. Civil subpoenas—formal requests for documents—often end up expanding the scope of what regulators examine and can slow the process down.
The Journal reports that, in the subpoena, the Department of Justice pressed another entertainment company to spell out any “exclusionary conduct” by Netflix that might bolster its “market or monopoly power.” The DOJ is also taking a look at the Paramount Skydance deal—Warner’s board isn’t on board, having rejected it. 2
Netflix told Reuters it hasn’t heard of any probe beyond the usual merger review, adding that it’s in talks with the DOJ. “Netflix is not aware of any investigation into our business outside of the standard merger review process,” a spokesperson said. 3
Netflix attorney Steven Sunshine echoed that sentiment, saying, “We have not been given any notice” regarding a distinct monopolization probe. 4
Netflix shares surged alongside a broader Wall Street upswing. The Dow finished above 50,000 for the first time ever, driven by a rally in chipmaker stocks. Both the S&P 500 and the Nasdaq posted gains too, rebounding after a tough few days for tech. 5
Netflix and Paramount Skydance are both in pursuit of Warner’s studios and flagship properties—think “Game of Thrones,” “Harry Potter,” and the DC Comics lineup—according to Reuters. In the UK, lawmakers are pressing the competition authority to fully investigate the Netflix offer, signaling scrutiny won’t be limited to the U.S. 6
The road’s anything but smooth. Regulators might demand fixes that undercut the very rationale for the deal, and the process can stretch out as competitors and allies chime in—or if officials decide Netflix wields excessive clout in streaming distribution.
The calendar’s in focus too. Warner is aiming to schedule a shareholder vote on the Netflix deal for March, according to the company. Over at Paramount, Skydance just pushed its tender offer deadline out to Feb. 20 as it keeps up the pressure on its own bid. 7
