NEW YORK, December 29, 2025, 4:49 PM ET — After-hours
- Netflix shares were down 0.3% in after-hours trade at $94.15.
- U.S. stocks ended lower as heavyweight tech names eased in holiday-thinned trading.
- Investors are watching the regulatory and financing path for Netflix’s Warner Bros Discovery deal ahead of Netflix’s Jan. 20 earnings update.
Netflix, Inc. shares slipped in after-hours trading on Monday, down 0.3% at $94.15.
The muted move comes as investors head into the final sessions of the year with Netflix’s proposed Warner Bros Discovery transaction still dominating the company’s near-term narrative.
That matters now because year-end trading can be thin, and deal headlines or financing updates can move merger-linked stocks quickly even when the broader tape is quiet.
Netflix agreed in early December to buy Warner Bros Discovery’s TV and film studios and streaming division for $72 billion. Under the cash-and-stock structure, each Warner share would receive $23.25 in cash and about $4.50 in Netflix stock, valuing Warner at $27.75 a share, Reuters reported.
The deal is expected to close after Warner spins off its global networks unit into a separate listed company, a step now set for completion in the third quarter of 2026, Reuters reported.
On the financing side, Netflix refinanced part of a $59 billion bridge loan tied to the transaction, securing a $5 billion revolving credit facility and two $10 billion delayed-draw term loans, leaving about $34 billion to be syndicated, according to a regulatory filing cited by Reuters. A bridge loan is short-term funding that companies typically replace with longer-term debt later.
Wall Street’s main indexes ended lower on Monday as heavyweight technology stocks retreated from last week’s gains, Reuters reported. “This is (not) the beginning of the end of the tech dominance, it’ll turn out to be a buying opportunity,” Hank Smith, director and head of investment strategy at Haverford Trust, said. Reuters
In late trading, the Nasdaq-tracking Invesco QQQ was down about 0.5% and the SPDR S&P 500 ETF was off about 0.4%.
Netflix traded between $93.64 and $94.94 during the session, according to market data.
Streaming and media peers were mixed. Walt Disney rose about 0.6%, Warner Bros Discovery was little changed, and Roku fell about 0.7% in late trading.
The competitive backdrop is also unsettled. Paramount Skydance has kept its $30-a-share all-cash bid for all of Warner Bros Discovery and extended the expiration of its tender offer — a time-limited offer to buy shares directly from investors — to January 21, 2026, Reuters reported.
The next known company catalyst is Netflix’s fourth-quarter 2025 financial results and business outlook, which Netflix said it will post on January 20, 2026, ahead of an earnings interview later that day.
Investors will be looking for Netflix’s updated outlook, any commentary on the cost of capital and funding plans tied to the Warner deal, and whether management signals changes to content spend or margins as it prepares for a potential integration.
On the calendar, traders are also watching for U.S. Federal Reserve minutes and weekly jobless claims later this week, Reuters reported, with U.S. markets closed on Thursday for New Year’s Day.
