New York, February 10, 2026, 10:59 EST — Regular session
- Netflix picked up roughly 3% after Paramount boosted its competing offer for Warner Bros Discovery, pledging to handle the $2.8 billion breakup fee connected to Netflix’s agreement.
- Paramount tacked on a “ticking fee” for WBD holders in case the deal stretches past 2026, and also pushed out its tender offer.
- Traders have their eyes on the antitrust review schedule, along with Paramount’s March 2 tender-offer cutoff.
Netflix, Inc. shares jumped 3.1% to $84.00 in morning action Tuesday, following an $81.47 close the previous day. Investors digested a new development in the Warner Bros. Discovery battle. Warner Bros. Discovery advanced roughly 1.8%. Paramount Skydance added 1.4%.
This is a big deal for Netflix, given its high-profile agreement with Warner Bros. Shares have been hovering near their 52-week low, so any tweak to the terms or likelihood of that deal can jolt sentiment in a hurry.
Paramount’s fresh incentives toss the “what now” dilemma squarely at Netflix. Should the competing bid push Netflix to shore up its proposal, investors are recalculating—returns, timing, distraction—the numbers are all back on the table.
Paramount held firm on its $30-a-share proposal for Warner Bros. Discovery on Tuesday, but dangled a sweetener: more cash if the deal drags past 2026—a so-called “ticking fee,” meant to make up for lost time. The company also pledged to cover the $2.8 billion breakup payment Warner would owe Netflix if it scraps their pact. “Paramount is throwing spaghetti at the wall and hoping something sticks,” said Ross Benes, senior analyst at Emarketer. 1
Paramount, in a tender-offer filing, pushed the offer’s expiration from 5:00 p.m. New York time on Feb. 20 out to March 2. The company also disclosed in that same document that its Feb. 9 certification of compliance with the Justice Department’s “second request” — that extra round of antitrust scrutiny — triggered a 10-day waiting period. 2
Paramount CEO David Ellison said the company is “making meaningful enhancements” and working to offer “a clear regulatory path” for shareholders, according to his statement. 3
Netflix shares jumped, reflecting a split in the market. Some investors are betting the deal sticks to the agreed terms. Others aren’t ruling out the possibility it shifts into an auction.
Watch for a Form 4 just out: Netflix CFO Spencer Neumann unloaded 9,248 shares on Feb. 6, pulling in an average price near $81.27 per share. The filing notes the sale happened in several trades, all tightly bunched in price. 4
Still, there’s a catch to the upside. Should regulators drag their feet or move to halt the deal, or if Netflix ends up shelling out more to secure it, that rally could unravel fast — with timing now the critical wild card.
Paramount’s tender offer runs out March 2 — a date now looming for boards and major shareholders, as the standoff over Warner Bros. assets threatens to stretch right into spring.
