New York, February 5, 2026, 10:29 AM EST — Regular session
- Netflix shares climbed roughly 1.7% after Trump announced he would stay out of the Warner bidding dispute
- Senate hearings this week put antitrust concerns front and center for Warner’s $82.7 billion deal
- Investors are eyeing the DOJ review alongside upcoming shareholder and bid deadlines
Netflix (NFLX.O) shares climbed $1.35, or roughly 1.7%, to $81.51 in morning trading Thursday. This came after U.S. President Donald Trump said he would refrain from intervening in the clash between Netflix and Paramount Skydance over Warner Bros Discovery, leaving the matter to the Justice Department. So far, the stock has fluctuated between $80.50 and $83.27 during the session. 1
Why this matters now: investors see the Warner deal as as much about regulation and politics as it is about media. A change in Washington’s stance can sway the stock, even before an official ruling arrives.
Trump’s remark removes one unpredictable element. It leaves the fundamental competition review intact but shifts focus back to career antitrust officials and the process of moving the deal forward.
Shares of Warner Bros Discovery (WBD.O) dropped roughly 1.4%, while Paramount Skydance (PSKY.O) slid around 2% in early U.S. trading.
On Tuesday, U.S. senators grilled Netflix co-CEO Ted Sarandos about the potential impact of the Warner deal on competition and jobs in entertainment. Senator Mike Lee raised concerns that the merger could limit streaming choices, cautioning that “Netflix seeks to become the one platform to rule them all.” Sarandos pushed back, describing the fight for TV viewers as a “zero-sum game.” 2
A fresh regulatory filing offered traders a small but notable detail on insider moves. Netflix co-CEO Gregory Peters disclosed transactions involving vesting restricted stock units (RSUs)—shares granted over time—and shares withheld at $82.76 to meet tax requirements, according to a Form 4 filing. 3
Right now, the stock’s trajectory will probably depend on whether the Warner process appears to be gaining momentum or getting stuck. Signs of this could emerge through procedural moves, legal hurdles, or fresh demands from regulators.
The downside risk is still real: regulators might step in to block the deal. Lawmakers continue probing, raising questions about job cuts, how much sway creators will have, and what distribution options look like if Netflix ends up controlling more of the pipeline.
Investors are eyeing two key upcoming events: a Warner shareholder vote on the Netflix deal, likely in March but with no official date yet, pending a preliminary proxy filing. Then there’s Paramount’s tender-offer deadline set for Feb. 20. 4
