New York, January 9, 2026, 16:38 (EST) — After-hours
- Netflix shares were off about 1.2% after the bell
- Goldman Sachs trimmed its price target but stuck with a Neutral rating
- Investors are watching the Warner Bros. Discovery bidding fight and Netflix’s Jan. 20 earnings
Netflix shares slipped 1.2% to $89.46 in after-hours trading Friday. During the session, the stock ranged from $88.33 to $90.68.
Goldman Sachs cut its Netflix price target to $112 from $130 and reiterated a Neutral rating, saying investors are paying more attention to possible Warner Bros. Discovery asset acquisitions than the company’s core growth. (TipRanks)
A takeover fight has yanked Netflix into the middle of Hollywood deal chatter. Warner Bros. Discovery’s board this week turned down Paramount Skydance’s amended offer and stuck with Netflix’s $82.7 billion agreement for the studio and other assets, dismissing Paramount’s bid as a “leveraged buyout” — largely financed with borrowed money. Netflix co-CEOs Ted Sarandos and Greg Peters said the board’s call endorsed “the superior proposal.” (Reuters)
Paramount ratcheted up the pressure again on Thursday, insisting its all-cash $30-per-share bid is the better deal and calling the cable-network spinoff tied to the Netflix agreement “effectively worthless.” Ross Benes, a senior analyst at eMarketer, said Paramount “has a point,” adding that “fading TV networks aren’t appealing to most investors,” even if shareholders have likely already priced those assets in. Paramount’s tender offer is set to expire on January 21, though it can extend it. (Reuters)
Some of Warner’s biggest shareholders aren’t lining up cleanly behind either option, a split that could keep pressure on terms and timing. “A tie goes to the incumbent,” said Alex Fitch, a partner and portfolio manager at Harris Oakmark, which owned about 4% of Warner as of Sept. 30. Vanguard, State Street and BlackRock together control about 22% of Warner, and declined to comment. (Reuters)
For Netflix holders, churn is what shifts the trader mindset. It’s less about whether the next series hits and more about how long the company stays trapped in a regulatory and bidding grind — and what price it ultimately pays.
Netflix’s next clear catalyst is its fourth-quarter 2025 results on January 20. The company has said it will post financials and its outlook on its investor relations site. Investors will be listening for any readout on deal work, along with the usual checkpoints: subscriber trends, advertising traction and spending plans. (Netflix)
But the setup can go either way. A counterbid, stricter regulatory scrutiny or a longer timetable could keep the stock stuck to deal headlines, and any slip in earnings guidance wouldn’t leave much of a cushion.
Wall Street’s next checkpoints are Netflix’s January 20 report and Paramount’s January 21 tender deadline. Traders will be scanning for new filings, tweaked terms, or any regulator signals that shift the odds.
