NEW YORK, December 31, 2025, 16:47 ET — After-hours
Netflix, which holds the rights to stream National Football League games on Christmas Day through 2026, said its holiday doubleheader set new U.S. streaming records, led by the Lions-Vikings game averaging 27.5 million viewers and the Cowboys-Commanders matchup averaging 19.9 million, citing Nielsen data. The stock was down 0.02% at $93.76 in after-hours trading, after ranging from $93.21 to $94.30 during the session.
Why this matters now: Netflix is using live sports to deepen its advertising business, which depends on large, predictable audiences that marketers will pay up for. The company has pitched sports as a way to pull in viewers who may not sign up for scripted shows alone.
The timing is notable because the year is closing in thin trading, when small headlines can sway sentiment and liquidity is lower. Investors are also weighing deal risk around Netflix’s proposed acquisition of Warner Bros Discovery, a transaction that would reshape the streaming and studio landscape.
Live sports is a different test for a streamer built on on-demand viewing. A marquee broadcast checks whether Netflix can deliver reliable streams at scale and sell premium ads around an event people watch in real time.
Warner Bros Discovery is likely to reject Paramount Skydance’s amended $108.4 billion hostile bid, keeping Netflix’s cash-and-stock proposal valued at about $82.7 billion in play, according to a person familiar with the matter. Warner Bros’ board is expected to meet next week, the person said, and the current agreement includes a $2.8 billion breakup fee — a penalty if Warner Bros walks away from the Netflix deal.
For Netflix shareholders, the competing bids keep uncertainty around timing and regulatory review in focus. The situation also ties Netflix more directly to legacy media peers such as Paramount and Disney, where consolidation arguments can cut both ways with investors.
The broader tape offered little support for big moves. U.S. stocks ended lower in the final session of the year, and “it’s perfectly fine in any bull market to have moments of cost,” said Giuseppe Sette, co-founder and president of Reflexivity, pointing to profit-taking when liquidity is low. Reuters
Holiday scheduling also shaped trading conditions. U.S. stock markets were open on Wednesday but will be closed on Thursday for New Year’s Day, with trading set to resume on Friday.
With the market shut on Thursday, traders will be watching for any deal-related statements or filings around Warner Bros Discovery ahead of Friday’s reopening. They will also look for clues on whether the NFL viewership data strengthens the case that Netflix’s advertising push can add a second growth engine.
Next on the calendar is earnings. Netflix is expected to report quarterly results on January 20 after the market close, a report that will put fresh numbers on ad-tier traction, content spending and guidance for 2026.
