Netflix, Inc. (NASDAQ: NFLX) ended Friday, December 12, 2025 higher in regular trading and then held essentially flat after the bell. The stock closed at $95.19 and traded around $95.13 in after-hours (as of 5:00 p.m. ET), a fractional dip of $0.06 from the close. [1]
That “$95 handle” is important contextually: Netflix recently completed a 10-for-1 forward stock split, meaning the post-split share price looks far lower than earlier 2025 levels, even though the company’s value didn’t mechanically change because of the split. Netflix said the split was designed to reset the trading range to be more accessible (including for employees participating in its stock program), with split-adjusted trading beginning Monday, Nov. 17, 2025. [2]
Below is what matters most after the bell on 12/12/2025—and what to track heading into the next U.S. trading session.
Netflix stock after the bell: the numbers investors are reacting to
Regular session (Friday, Dec. 12, 2025):
- Close: $95.19 (+1.17%)
- Day range (approx.): $94.74 – $96.91
- Volume: ~44M shares [3]
After-hours (5:00 p.m. ET):
- After-hours price: $95.13 (-0.06% vs. close) [4]
The bottom line: no dramatic after-hours repricing on Friday—suggesting the market is still waiting for the next meaningful headline in what has become an M&A- and regulation-driven tape.
The big story driving NFLX: the Warner Bros. Discovery deal (and the bidding war risk)
Nearly every major Netflix stock narrative this week traces back to Netflix’s agreement to buy Warner Bros. Discovery’s studios and streaming unit in a deal Reuters described as $72B in equity value and $82.7B including debt. [5]
Key deal terms investors keep circling
According to Reuters, the agreed structure includes:
- $27.75 per share valuation for WBD
- Consideration described as $23.25 cash + about $4.50 in Netflix stock per WBD share
- A breakup fee framework (Reuters reported $5.8B offered by Netflix and $2.8B payable by WBD to Netflix if the deal collapses)
- Netflix projecting $2B–$3B in annual cost savings by year three
- Closing expected after WBD spins off its networks unit, a process Reuters said is targeted for Q3 2026 [6]
For NFLX shareholders, those bullets translate into one core question: Is Netflix buying long-term IP scale at the right price—or stepping into a costly, slow-moving regulatory fight that distracts from execution?
Paramount’s hostile bid: “headline risk” that can reprice NFLX quickly
Reuters also points to the escalation: Paramount Skydance launched a surprise hostile bid (reported around $108.4B)—fueling a “bidding war” dynamic that can force Netflix to respond, walk away, or renegotiate. [7]
One date to keep on watchlists: Reuters reported that WBD’s response to Paramount’s offer is due by Dec. 22. That deadline is close enough to keep weekend headlines and “Monday gap risk” elevated for NFLX holders. [8]
Today’s most market-moving analysis (Dec. 12): regulators may not buy Netflix’s “YouTube competitor” argument
A major Dec. 12 Reuters analysis explains why the deal’s antitrust narrative is becoming central to NFLX trading.
Netflix’s pitch, per Reuters: it needs the WBD assets to better compete with YouTube. But multiple antitrust experts told Reuters they expect regulators to focus on more narrowly defined competitive markets, arguing YouTube’s user-generated, ad-driven ecosystem is not a clean substitute for Netflix/HBO-style paid scripted entertainment. [9]
Reuters also cited Nielsen-based viewing share context and what that might mean in a regulatory lens:
- YouTube held 12.9% of streaming viewership in October (per the Reuters report referencing Nielsen)
- Netflix was described as ~9% projected share once combined with HBO Max post-merger [10]
Another nuance from the same Reuters piece that investors care about: it highlights that, under newer review dynamics, regulators may gain earlier access to internal competition analyses—and inconsistencies between “public arguments” and “internal documents” can become a key pressure point in merger challenges. [11]
Why this matters for Monday’s trade: if the market starts to price a higher probability of regulatory delay or remedies, NFLX can move even without any change in Netflix’s underlying operating performance.
Awards season subplot (Dec. 12): why the “content trophy case” is suddenly part of the stock story
A separate Reuters “chart of the week” piece published on Dec. 12 tied the deal drama to awards-season leverage—because controlling prestige IP and prestige creators can affect negotiating power, pricing, and marketing efficiency.
Reuters noted:
- Netflix led Golden Globe nominations this year with 35 vs. Warner’s 33
- Paramount Skydance had 3 [12]
This isn’t a day-to-day revenue line item, but it shapes the broader “Netflix becomes the studio” narrative—one reason sentiment is split between strategic upside and execution/regulatory risk.
Analyst forecasts and price targets: the Street is still “buy-ish,” but cutting numbers
Even as deal uncertainty swirls, consensus-style forecasts still imply notable upside—while individual analysts are trimming targets.
Consensus snapshot (as seen by widely followed aggregators)
MarketBeat’s compiled view shows:
- Average price target:$130.87
- Based on 45 analysts
- Implied upside from the mid-$90s range [13]
Recent cuts and resets (why they matter now)
A cluster of December notes has leaned cautious on “deal overhang” risk:
- Jefferies lowered its NFLX price target to $134 from $150, while keeping a Buy rating (per TheFly via TipRanks). [14]
- Seaport Research cut its price target to $115 from $138, citing uncertainty around the Warner transaction (as reported by Barron’s). [15]
- A Nasdaq-hosted analyst note also referenced an average one-year price target framework around $138.16 (with a wide range), illustrating how dispersed expectations are right now. [16]
How to read this for the next open: price targets are drifting lower, but not collapsing—suggesting the Street is not uniformly abandoning the Netflix story, it’s demanding a bigger margin of safety while the deal path is unknown.
Technical analysis published Dec. 12: oversold signals vs. “trend still bearish”
A Dec. 12 technical analysis from Investing.com framed NFLX as oversold while still structurally weak on trend measures.
Key levels and indicators cited:
- NFLX had been trading below both the 50-day moving average (~$111.19) and the 200-day moving average (~$113.34)
- RSI around ~29.6, a classic oversold zone
- Support zone cited around $92.50–$94.00
- Resistance markers cited near $100, then the moving averages above [17]
Whether or not traders follow those exact bands, the takeaway is straightforward: the stock is bouncing, but it hasn’t repaired the bigger downtrend—which is why headline-driven moves can be exaggerated.
Macro context on Dec. 12: risk appetite was shaky in tech
Netflix isn’t a semiconductor stock, but it trades in the same macro ecosystem as other megacap growth names. Reuters reported that Friday saw the S&P 500 and Nasdaq slip, with tech pressure tied to renewed “AI bubble” angst after a major chip name’s outlook rattled sentiment. [18]
That backdrop matters because it can amplify moves in heavily owned, liquid names like NFLX—especially when there’s already a major corporate event (M&A) dominating the narrative.
What to know before the “market open” on 13.12.2025
One calendar reality first:
Saturday, Dec. 13, 2025 is a weekend day—U.S. stock markets are closed.
So there’s no U.S. “open” for NFLX on 12/13. The next chance for the market to fully reprice Netflix based on new information is Monday, Dec. 15, 2025.
That said, the “pre-open” mindset is still useful because the biggest NFLX driver right now—deal/regulatory headlines—doesn’t respect market hours.
The weekend checklist for NFLX watchers
- Any change in the Warner bidding situation
- Watch for leaks, financing chatter, or signals that Netflix might revise terms—or hold firm.
- Keep Dec. 22 on radar for WBD’s response window (reported by Reuters). [19]
- Regulatory tone: DOJ/FTC framing and “market definition”
- The most bearish near-term scenario for NFLX is a fast shift toward “high probability of block or major remedies.”
- Reuters’ Dec. 12 analysis suggests the “YouTube competitor” defense may be a tough sell with enforcers focused on narrower markets and internal-document consistency. [20]
- Litigation and political noise
- Reuters has separately reported the deal is already facing legal pushback, adding friction and potential delay risk. [21]
- Analyst note flow
- With targets being revised, Monday morning could bring another burst of price-target changes—especially if any fresh “deal probability” modeling hits terminals.
- Next major company catalyst: earnings window (mid/late January)
- Several widely used calendars point to Jan. 20, 2026 (after close) as an estimated next earnings date for Netflix (unconfirmed by the company in these listings). [22]
- If the M&A path stays murky, the market may increasingly pivot back to fundamentals into that window.
Bottom line: why NFLX is likely to stay volatile into Monday
After-hours action on Dec. 12 was calm, but the bigger picture is not: Netflix stock is trading in a market that is trying to handicap (1) bidding-war odds, (2) regulatory odds, (3) integration/synergy realism, and only then (4) core streaming fundamentals.
If you’re writing a Monday-morning watchlist, the cleanest way to frame Netflix is:
- Base case (supportive): deal progresses, regulators engage but don’t freeze it early, Netflix avoids a costly bidding spiral, and the stock’s oversold condition supports stabilization. [23]
- Bear case (pressure): headlines increase the perceived chance of a block/remedies or a higher price tag, turning a strategic bet into a prolonged overhang. [24]
References
1. public.com, 2. ir.netflix.net, 3. www.investing.com, 4. public.com, 5. www.reuters.com, 6. www.reuters.com, 7. www.reuters.com, 8. www.reuters.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.reuters.com, 13. www.marketbeat.com, 14. www.tipranks.com, 15. www.barrons.com, 16. www.nasdaq.com, 17. www.investing.com, 18. www.reuters.com, 19. www.reuters.com, 20. www.reuters.com, 21. www.reuters.com, 22. finance.yahoo.com, 23. www.investing.com, 24. www.reuters.com
