New York, Feb 5, 2026, 17:27 EST — After-hours
- Netflix ended the day up 0.9%, then slipped roughly 0.4% in after-hours trading
- Trump said he won’t step into Netflix’s dispute with Paramount Skydance over Warner Bros Discovery
- Investors have their eyes on the U.S. antitrust review and the February 20 deadline linked to Paramount’s offer
Netflix (NFLX.O) shares ticked up 0.9% to finish at $80.87 on Thursday, then slipped roughly 0.4% to $80.52 in after-hours trading, which extends beyond the 4 p.m. close. The stock reaction came after U.S. President Donald Trump said he would not get involved in Netflix’s dispute with Paramount Skydance over Warner Bros Discovery. 1
The comment matters because the Warner Bros process has become as much a regulatory saga as a deal. Trump stepping aside cuts one political factor out, but it doesn’t alter the main obstacle: the U.S. Justice Department’s review, which could drag on for months and end with conditions, delays, or even a block.
Traders have zeroed in on headlines about the proposed acquisition, causing the stock to jump with every fresh update. As a result, Netflix finds itself in an unusual position: company performance takes a backseat while Washington scrutinizes the deal’s structure and timing.
On Tuesday, U.S. senators grilled Netflix co-CEO Ted Sarandos during a hearing focused on whether the deal would stifle competition and limit choices for consumers and workers. Senator Mike Lee dubbed Netflix “the one platform to rule them all,” while Sarandos described the fight for viewers’ attention as a “zero-sum game.” 2
Netflix closed higher despite a sharp sell-off on Wall Street, where the Nasdaq dropped 1.59% and the S&P 500 fell 1.23%. Investors fretted over hefty AI spending projections and softer U.S. labor data. 3
The stock showed volatile moves throughout the week. It dropped 3.4% on Tuesday but bounced back over the following two days, closing Thursday at $80.87. 4
According to an SEC filing, director Reed Hastings sold shares on Feb. 2 by exercising options under a Rule 10b5-1 plan, a pre-set trading arrangement for insiders. The sale happened in three batches, with weighted average prices of $83.2223, $84.0947, and $84.9551, the document revealed. 5
Netflix has put forward an $82.7 billion bid to acquire Warner Bros Discovery’s streaming and studio businesses. At the same time, Paramount Skydance is pushing a rival hostile offer. Warner Bros shareholders are set to vote on the Netflix deal in March. Paramount has also extended its tender-offer deadline to Feb. 20, according to an earlier Reuters report. 6
The risk points one way if the process sours. Regulators might push for concessions that undercut the deal’s value or drag out the timeline, leaving shares in limbo. On top of that, fresh political noise could shift the odds once more.
Investors are set to focus on any new cues from antitrust regulators, updates on the Warner Bros process filings, and possible shifts in bidder terms ahead of the Feb. 20 deadline, all leading into Friday’s session.
