New York, February 7, 2026, 14:11 EST — Markets are done for the day.
- Netflix ended Friday up 1.6%, finishing the session at $82.20.
- Antitrust regulators in the U.S. are stepping up their review of Netflix’s proposed deal with Warner Bros Discovery, casting new uncertainty over when—if—the agreement might clear.
- Director Reed Hastings shifted shares through a family trust, according to a fresh insider filing.
Netflix Inc finished Friday at $82.20, up 1.6%. Roughly 46 million shares traded as the market digested new antitrust scrutiny over the streamer’s proposed Warner Bros Discovery deal. 1
U.S. markets are quiet for the weekend, but traders are already eyeing Monday’s open: Will the Justice Department’s review stick to its usual scope, or is there a risk it morphs into something bigger—potentially dragging out timelines and shaking up deal confidence?
The Warner assets sit at the heart of management’s pitch—more franchises, greater programming leverage, and the promise of stronger pricing power down the line. But regulators hold the cards. They can delay or even block the deal, and for weeks, the stock has moved as if every trade is a bet on that outcome.
The Wall Street Journal reported Friday that the Justice Department is looking into whether Netflix resorted to anti-competitive practices connected to its planned $82.7 billion takeover of Warner Bros Discovery’s studios and streaming arm. Netflix responded, saying it wasn’t “aware of any investigation” apart from the typical merger review and was “constructively engaging” with the department. Attorney Steven Sunshine also commented he hadn’t come across any indication of a separate monopolization inquiry. 2
Headlines broke as the S&P 500 climbed roughly 2% on Friday, putting a lift under a broad swath of media and tech stocks. Investors showed little hesitation picking through sector winners and laggards. 3
Late Friday, a Form 4 popped up: Netflix director Reed Hastings, acting as trustee for the Hastings-Quillin Family Trust, disclosed a transaction involving 241,944 Netflix shares at a price of $0. Afterward, the trust’s stake stood at 21,159,576 shares, according to the SEC filing. 4
The filing doesn’t list an open-market sale, and $0 transfers are usually associated with gifting or estate moves. Yet, with this stock so driven by deal arithmetic and regulatory news, even standard filings like this one can grab notice.
Bulls face a clear risk here. Should the Justice Department—or regulators overseas—conclude that the deal threatens competition for viewers, advertisers, or creative talent, they have two options: push for remedies or take legal action to stop it. Both paths can stretch the process and leave the stock trading sideways, reacting to every fresh leak or courtroom twist.
This week, traders are bracing for signs of movement in the merger probe—anything from new subpoenas to extra information demands or policy cues out of Washington. The spotlight turns to Netflix’s earnings, which land April 16. Investors are primed to dig into the numbers and, more than that, want clarity on growth and where the deal stands. 5
