NASDAQ:NFLX 12 December 2025 - 17 December 2025

Warner Bros. Discovery’s board on Dec. 17 rejected Paramount Skydance’s hostile takeover bid and reaffirmed support for its agreed merger with Netflix. Netflix shares rose 2.6% to $97.07 as of 15:21 UTC. The WBD board called Paramount’s offer “illusory” and cited concerns over financing. The board’s stance clarified the deal landscape but left regulatory hurdles unresolved.

Netflix shares rose in after-hours trading Tuesday, closing the regular session at $94.56 and climbing to about $95.69 by 5:30 p.m. ET. The move followed reports that Warner Bros. Discovery’s board plans to reject Paramount’s $108.4 billion bid and support a deal with Netflix, with a decision possible as early as Wednesday.

Warner Bros. Discovery shares closed at $29.71 on Monday, just below Paramount Skydance’s $30 per-share tender offer. The stock hovered near $29.64 in after-hours trading, reflecting investor uncertainty over deal completion and regulatory review. Netflix reiterated its commitment to the WBD transaction in a memo released after the bell. Volume reached about 53.9 million shares.

Netflix shares closed down 1.49% at $93.77 Monday and traded flat after hours as investors weighed the company’s pursuit of Warner Bros. Discovery assets amid a competing hostile bid. Co-CEOs told staff in a memo that their strategy remains unchanged, calling the process complex and likely to last a year. Trading volume reached 39.1 million shares. The S&P 500 fell 0.2%.

WBD shares traded near $29.98 on December 15, 2025, amid takeover bids from Netflix and Paramount Skydance. Netflix offered $27.75 per share for WBD’s studio and streaming assets, while Paramount Skydance countered with a $30 all-cash tender for the entire company. WBD’s board and regulators remain key factors as the stock reacts to the competing deals.

Netflix closed at $95.19 on Friday, down nearly 14.5% over the past month, as investors react to its $82.7 billion bid for Warner Bros. Discovery’s studios and streaming assets. Paramount launched a hostile counterbid, escalating the deal’s antitrust and political risks. The proposed transaction would give WBD shareholders $23.25 in cash and $4.50 in Netflix stock per share. Completion depends on regulatory and shareholder approval.

Netflix shares closed at $95.19 on Friday, up 1.17% for the day but down 5% for the week after announcing a $72 billion deal to acquire Warner Bros. Discovery’s studios and streaming business. Paramount Skydance countered with a $108.4 billion hostile bid for WBD, intensifying uncertainty. Trading volume spiked as investors weighed antitrust risks and the prospect of a bidding war. Multiple analysts downgraded Netflix during the week.