New York, February 10, 2026, 10:59 EST — Regular session
- Netflix shares rose about 3% as Paramount sweetened its rival bid for Warner Bros Discovery and offered to cover a $2.8 billion breakup fee tied to Netflix’s deal.
- Paramount added a “ticking fee” to compensate WBD holders if a transaction drags beyond 2026, while extending its tender offer.
- Traders are watching the antitrust review timeline and Paramount’s March 2 tender-offer deadline.
Netflix, Inc. shares rose 3.1% to $84.00 in morning trading on Tuesday, a day after closing at $81.47, as investors weighed a fresh twist in the fight for Warner Bros. Discovery. Warner Bros. Discovery shares gained about 1.8%, while Paramount Skydance was up 1.4%.
The move matters because Netflix is already tied to a blockbuster deal with Warner Bros. The stock has been trading close to its 52-week low, and any shift in the odds — or the price — for that transaction can swing sentiment fast.
Paramount’s new sweeteners also sharpen the “what now” question for Netflix. If the rival bid forces Netflix to defend its offer, investors start doing the math again on returns, timing and distraction.
Paramount on Tuesday kept its $30-per-share bid for Warner Bros. Discovery but offered extra cash if closing slips beyond the end of 2026 — a “ticking fee,” a deal term that compensates shareholders for time — and said it would pay the $2.8 billion termination fee Warner would owe Netflix if it dropped Netflix’s agreement. “Paramount is throwing spaghetti at the wall and hoping something sticks,” said Ross Benes, a senior analyst at Emarketer. 1
In a tender-offer filing, Paramount said the offer was set to expire at 5:00 p.m. New York time on Feb. 20, and it extended the deadline to March 2. The same filing said Paramount’s Feb. 9 certification of compliance with the Justice Department’s “second request” — a deeper antitrust information demand that can stretch reviews — started a 10-day waiting period. 2
Paramount CEO David Ellison, in a statement, said the company was “making meaningful enhancements” and aimed to provide “a clear regulatory path” for shareholders. 3
For Netflix shareholders, the day’s bid-up reads like a referendum on probabilities. One camp sees a higher chance Netflix closes on the terms already agreed; another sees a non-zero risk the contest turns into an auction.
A separate disclosure may get some attention on desks: a Form 4 filing showed Netflix Chief Financial Officer Spencer Neumann sold 9,248 shares on Feb. 6 at a weighted average price of about $81.27. The filing said the sale was executed in multiple trades within a narrow price range. 4
But the upside case has a clear tripwire. If regulators slow or block the deal, or if Netflix is pushed to pay more to keep it, the stock’s bounce can fade quickly — especially with the timeline now the central variable.
Next up is Paramount’s March 2 tender-offer expiration, a near-term marker that could force responses from boards and big holders as the battle over Warner Bros. assets drags into the spring.
