New York, February 13, 2026, 11:02 EST — Regular session.
Netflix (NFLX.O) barely budged on Friday, tacking on just 0.05% to trade at $75.90 after a Reuters story broke about Paramount Skydance holding talks with hedge funder Matthew Halbower. The focus: pushing for a possible boardroom showdown at Warner Bros Discovery, with the goal of blocking any deal between Warner and Netflix. Halbower, who runs Pentwater Capital and owns roughly 50 million Warner shares, said, “I want the board of Warner Bros to exercise their fiduciary duties and negotiate with Paramount.” Warner Bros and Netflix didn’t immediately comment. 1
This noise isn’t just background—Netflix needs calm as it works to clinch a deal for Warner assets, a play that would overhaul its content lineup and extend its reach outside its core streaming business. With share buybacks on hold, Netflix has been banking cash for the deal, a decision that usually signals to investors just how conservatively management is steering the balance sheet. But a proxy fight could drag things out, with public debate over the transaction’s price and terms—and the possibility of board seats shifting hands through shareholder votes. 2
Friday’s numbers landed with macro in the driver’s seat. U.S. consumer prices increased 0.2% in January, annual inflation ticking down to 2.4%. The “core” CPI, excluding food and energy, climbed 0.3% for the month and 2.5% over the year, according to the Labor Department. 3
Netflix dropped 4.72% in the last session while broader markets took a hit, with the S&P 500 sinking 1.57% and the Nasdaq Composite falling 1.96%. The streaming giant sits near its recent lows, still searching for some support. 4
Netflix co-CEO Greg Peters unloaded 27,312 shares on Feb. 10, breaking up the sale into three batches that fetched weighted averages between $82.741 and $84.3972, according to separate securities filings. That move leaves Peters holding 122,140 shares. Chief Global Affairs Officer Cletus Willems offloaded 3,136 shares at $82.67 and disclosed a zero balance afterward. 5
Insider sales happen all the time for reasons like taxes, diversification, or just sticking to preset plans; they don’t offer a straightforward signal about a company’s prospects. But when the stock’s dropping and there’s a headline deal poised to shake up leverage, costs, and direction, traders pay closer attention.
The risks? Hard to miss. Should regulators or shareholders drag their feet on the Warner deal, Netflix faces a longer stretch of uncertainty—potentially pricier financing and integration, too. A yield spike would only make things worse, since long-duration growth stocks usually take the first hit.
Treasury yields edged down after the inflation data hit, with the 10-year slipping roughly 3 basis points to 4.075%. U.S. stock index futures barely moved, hovering flat to modestly lower, according to Reuters. Phil Orlando, chief market strategist at Federated Hermes, described the numbers as “better than expected” at the nominal level, backing the outlook for rate cuts this year. 6
At this point, Netflix trading is less about programming, ad metrics or churn and more a barometer for how likely a deal is. That dynamic could shift quickly if another suitor begins making moves with shareholders.
Key dates ahead: Warner Bros Discovery may put the Netflix deal to a shareholder vote in March, while Paramount’s tender offer is scheduled through Feb. 20, according to Reuters, which referenced CNBC. Traders are keeping an eye on any new moves from U.S. or European regulators, plus the potential for shareholder activists to escalate from discussion to actually nominating a proxy slate. 7
