New York, Feb 20, 2026, 11:25 EST — Regular session
- Netflix shares picked up roughly 1.2% in late morning trading
- Paramount disclosed that the U.S. antitrust waiting period tied to its Warner Bros bid ran out on Feb. 19.
- Investors are eyeing Netflix to see if it ups its bid ahead of the Feb. 23 rival deadline.
Netflix (NFLX.O) edged up 1.2% to $77.96 on Friday, as investors moved in and out of positions during the latest back-and-forth over Warner Bros Discovery. Warner Bros Discovery (WBD.O) climbed 0.3%. Paramount Skydance (PSKY.O) lost 1.0%.
Time’s ticking for the stock. Warner has set a March 20 date for shareholders to weigh in on Netflix’s $27.75-a-share bid for its studio and streaming businesses, but Paramount gets a window until Feb. 23 to come back with improvements to what it calls its “best and final” offer, Reuters reported late Thursday. “Price will likely be the deciding factor,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown. Paren Knadjian, partner at Eisner Advisory Group, flagged factors like “financing structure, timing and regulatory approval” as potential hurdles. Reuters
Paramount told deal-watchers Friday that the U.S. antitrust waiting period for its $108.4 billion all-cash takeover bid for Warner officially expired Feb. 19. The Hart-Scott-Rodino window—standard pre-merger protocol—ran its course, but that doesn’t close the book for the U.S. Justice Department. DOJ still holds the power to demand extra details or try to block the transaction.
Netflix closed Thursday at $77.00, down 1.3%, setting up for more headline-driven volatility heading into the weekend. The stock clawed its way back to the middle of Friday’s trading range after sliding early.
This prize stands out: Netflix wants only Warner’s studios and streaming assets. Paramount, on the other hand, is chasing the full company—which means taking on the cable networks under Discovery Global, like CNN and HGTV.
So far, Warner’s board is sticking with Netflix’s deal, citing unresolved points in Paramount’s financing and the terms on the table. On the other side, Paramount insists it will keep pressing ahead with its tender offer and plans to challenge the Netflix transaction.
Netflix backers are weighing whether the streamer will pony up for HBO Max and Warner’s content library, or stick to its guns and let Paramount’s own financing and regulatory snags play out. The dilemma doesn’t change—paying more might make sense strategically, but it also threatens to become just a matter of crunching the numbers.
Regulatory hurdles remain an issue for Netflix’s plan too. Paramount’s waiting period may have lapsed, but competition regulators in both the U.S. and Europe still have to consider if linking Netflix’s streaming clout with Warner’s studio assets would stifle competition.
The bear case is tangled: Paramount bumps up its offer just enough to push Netflix to sweeten its own bid, setting off longer regulatory scrutiny. That could mean the market starts factoring in holdups, possible break fees, and a less attractive return outlook. If the battle drags on, management could lose focus—even as content and marketing costs stay elevated.
In the coming two sessions, traders are watching closely for hints that Paramount may sweeten its offer before the Feb. 23 deadline, and gauging whether Netflix reacts immediately or opts to wait. Once that passes, the focus moves to Warner’s shareholder vote on March 20 and whatever comes next from regulators.
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