Netflix Stock Today, November 20, 2025: WBD Bid Jitters and MLB Deal Drive Volatile Trade

Meta description: Netflix stock trades around $110 on November 20, 2025, after a 10‑for‑1 split, as investors weigh a potential Warner Bros. Discovery bid, a new MLB rights deal, and a rich valuation.

Netflix stock price today: quick snapshot

Netflix stock (NASDAQ: NFLX) is trading around $110 per share today, Thursday, November 20, 2025, leaving the stock roughly 3–4% lower in the latest session. A Smartkarma market update pegs the price at $109.98, down 3.6% on heavy volume of about 25 million shares, while broader quote feeds show Netflix off around 3.5–3.6%. ^[1]

Even after today’s drop, Netflix remains up roughly high‑20% year to date, reflecting the strong rally that pushed the stock above $1,000 before its recent 10‑for‑1 stock split. ^[2]

At a glance (November 20, 2025):

Last price: ~$110 per share ^[3]
Daily move: about –3.5 to –3.6%
Volume: c. 25 million shares, well above a typical day ^[4]
YTD performance: up roughly 25–30% depending on the source ^[5]
Valuation: P/E around 46x earnings; no dividend ^[6]

Today’s weakness isn’t happening in a vacuum. It’s being driven by three big storylines:

A possible bid for parts of Warner Bros. Discovery (WBD).
A landmark Major League Baseball (MLB) media‑rights deal that finally pulls Netflix deeper into live sports.
Ongoing digestion of Netflix’s 10‑for‑1 stock split and rich valuation.

Let’s break down what’s moving the stock on November 20.

Warner Bros. Discovery auction dominates the Netflix stock narrative

First‑round bids for WBD are due today

The most important near‑term catalyst for Netflix stock right now is the auction of Warner Bros. Discovery.

Reuters and other outlets report that non‑binding first‑round bids for Warner Bros. Discovery are due today, November 20. ^[7]
Netflix is one of several suitors—alongside Paramount and Comcast—considering offers either for the whole company or for its studio and streaming assets (Warner Bros. film/TV studio and HBO/Max). ^[8]

The Los Angeles Times describes this as a pivotal auction that could “recast Hollywood,” noting that Netflix is the “wild card” bidder: buying Warner Bros. would be out of character for a company that has historically favored organic growth and only small acquisitions. ^[9]

Market worries: price tag, strategy and regulators

A widely read Investing.com piece—syndicated through major finance portals—explains why the market is nervous: on Wednesday, Netflix stock fell about 2.7% as investors weighed both the strategic upside and regulatory risks of a potential WBD deal. ^[10]

Key points from that analysis and related coverage:

Netflix has reportedly retained a financial adviser and secured access to Warner Bros. Discovery’s financial data to explore a bid. ^[11]
Morgan Stanley analyst Benjamin Swinburne laid out the bull and bear cases:
- Upside: Warner Bros.’ historic studio, deep IP library (DC, Harry Potter, Lord of the Rings, Game of Thrones), plus the HBO brand, could super‑charge Netflix’s content portfolio. ^[12]
- Downside: integrating the studio and HBO might require scrapping or reshaping existing theatrical and licensing models, which could pressure earnings at the acquired business in the near term. ^[13]
Swinburne also flagged regulatory risk: as the world’s largest streamer, Netflix would almost certainly face serious antitrust scrutiny, including concerns from theater chains, unions and rival platforms. ^[14]

That combination—big check, big integration job, big regulatory fight—is exactly the sort of thing that makes growth investors nervous, and it’s weighing on NFLX today.

Netflix signals it would keep Warner films in theaters

One detail that matters for Hollywood (and for regulators) dropped overnight:

Reuters, citing Bloomberg, reports that Netflix has informed Warner Bros. Discovery that if its bid succeeded, it would continue releasing Warner’s films in movie theaters and honor existing theatrical contracts. ^[15]

This is crucial because one fear was that Netflix might simply pull Warner’s film slate directly onto streaming, bypassing cinemas and upsetting both partners and regulators. The signal that theatrical windows would be preserved may soften political and industry pushback, but it doesn’t remove the overall antitrust question.

Not a done deal

It’s also important to stress what hasn’t happened yet:

First‑round bids are non‑binding, and Warner Bros. Discovery’s board has already rejected multiple earlier offers from Paramount as too low, including a cash‑heavy $23.50‑per‑share proposal. ^[16]
Reuters notes that the deadline for these initial bids is today, and Warner’s board hopes to select a preferred partner by year‑end, but there is no guarantee a deal with Netflix will materialize at all. ^[17]

For Netflix shareholders, that means headline risk and volatility right now, but no certainty that the company will ultimately pursue—or win—the WBD assets.

MLB mega‑deal pulls Netflix deeper into live sports

Running in parallel with M&A chatter is a major sports‑rights story that directly involves Netflix.

New three‑year MLB rights agreements

Major League Baseball has announced new three‑year media‑rights deals with Netflix, ESPN and NBCUniversal, covering the 2026–2028 seasons. ^[18]

Across multiple reports (Reuters, Axios, Barron’s and others), the core structure looks like this:

The deals are worth around $800 million per year, with ESPN paying the largest share (~$550 million annually), NBCUniversal about $200 million, and Netflix around $50 million. ^[19]
ESPN gains a 30‑game national package and becomes the exclusive home of MLB.TV, bringing out‑of‑market games into its streaming ecosystem. ^[20]
NBCUniversal brings regular MLB games back to NBC for the first time in over two decades, including Sunday Night Baseball and Wild Card series coverage, with simulcasts on Peacock. ^[21]
Netflix will carry select marquee events, such as Opening Night, the Home Run Derby, special event games like the 2026 Field of Dreams matchup, and international events including the World Baseball Classic in Japan. ^[22]

Netflix’s own announcement on its Tudum site frames the move as the next step after its successful sports documentaries, positioning the service as a home for both sports storytelling and live spectacles. ^[23]

What the MLB deal means for NFLX investors

For the stock, this deal is significant because:

It validates Netflix’s push into live events, which started with one‑off productions like live comedy specials and marquee tennis and boxing events. ^[24]
It creates new advertising inventory tied to live sports—exactly the type of premium ad slot marketers will pay up for, supporting Netflix’s fast‑growing ad‑tier strategy. ^[25]
It shows that major leagues now view Netflix as a core distribution partner, not just a documentary producer, which could open doors to additional rights in other sports over time. ^[26]

Interestingly, Barron’s notes that Netflix, Comcast and Disney all saw their shares fall on the day the MLB rights news hit, suggesting that investors are cautious about sports‑rights costs even as leagues hail the deals. ^[27]

Post‑split volatility: digesting Netflix’s 10‑for‑1 stock split

Another big piece of context for today’s trading: Netflix only just completed a 10‑for‑1 stock split.

The split took effect at the open on Monday, November 17, delivering nine additional shares for each share held as of the November 10 record date. ^[28]
Zacks (via Nasdaq) notes that the apparent “90% drop” in Netflix’s share price—from around $1,140 on Friday to roughly $111 on Monday—was purely mechanical, with total shareholder value unchanged. ^[29]
Before the split, shares were trading “well beyond $1,000”; Motley Fool puts post‑split trading initially around $114 per share. ^[30]

A Nasdaq‑hosted analysis highlights the key reasons management opted for the split:

Make shares more accessible to retail investors who can’t or don’t want to use fractional shares.
Signal confidence after a multi‑year rally and improving fundamentals. ^[31]

For traders and algorithms, however, splits often reset technical levels and attract short‑term speculation. Combined with the WBD headlines and MLB deal, that’s contributing to the elevated volatility you’re seeing in NFLX this week.

Fundamentals check: Netflix’s earnings and cash flow backdrop

While the market is focused on deals and sports rights, the fundamental story behind Netflix’s stock hasn’t changed much in the last few days.

Strong Q3 2025 results, with a Brazil tax overhang

According to a detailed earnings recap from MarketMinute and subsequent Zacks commentary:

Q3 2025 revenue: about $11.5 billion, up 17% year over year, roughly in line with expectations. ^[32]
Net income: roughly $2.55 billion, but slightly below consensus because of a $619 million charge tied to an ongoing Brazil tax dispute. ^[33]
Operating margin: around 28% in Q3, also impacted by the Brazil item. ^[34]
Free cash flow: approximately $2.7 billion in the quarter, with management raising full‑year 2025 free cash flow guidance to about $9 billion (plus or minus a few hundred million), up from prior guidance of $8–8.5 billion. ^[35]

Those numbers help explain why, even after today’s drop, Netflix’s stock remains richly valued: the company is now a cash‑generating machine, not just a fast‑growing subscriber story.

Ad‑tier and password‑sharing crackdown still doing heavy lifting

MarketMinute and other recent analyses highlight several structural drivers that remain firmly in place: ^[36]

The ad‑supported tier has exploded in scale, now reaching hundreds of millions of monthly active viewers globally and attracting around 40% of new sign‑ups in some periods.
The password‑sharing crackdown that began in 2024 continues to convert “borrowed” accounts into paying memberships.
Netflix continues to target about $18 billion in content spend in 2025, including both global tentpole series and region‑specific productions. ^[37]

Put together, the message from management is clear: Netflix is prioritizing profitability, average revenue per member (ARM) and diversified revenue streams—subscriptions, advertising, and now sports and live events.

What Wall Street is saying about Netflix stock right now

Despite the near‑term volatility and M&A noise, analyst sentiment on Netflix remains broadly positive—though not universally so.

TipRanks data shows a “Moderate Buy” consensus rating from about 35 analysts, with roughly 27 Buys, 7 Holds and 1 Sell. The average 12‑month price target is around $180, implying significant upside from the current ~$110 level, with a wide range between bullish and bearish targets. ^[38]
MarketBeat tracks a similar Moderate Buy consensus from a slightly larger analyst pool, reinforcing the idea that Netflix remains a favored name among brokers, even if some have recently trimmed estimates. ^[39]
A new Motley Fool–syndicated article, “2 Top Stock Split Stocks to Buy Now,” cites Netflix and ServiceNow as examples of post‑split companies with strong recurring‑revenue businesses. The author notes that Netflix is still growing revenue at a double‑digit clip and trades around high‑40s forward P/E and roughly 11x sales, a demanding but potentially sustainable valuation if growth and margin expansion continue. ^[40]

At the same time, analysts repeatedly flag risks:

The stock’s high valuation leaves limited room for execution missteps or subscriber disappointments. ^[41]
Any large WBD acquisition could introduce years of integration complexity, regulatory scrutiny and balance‑sheet strain. ^[42]

Key things for Netflix stock watchers on November 20, 2025

If you’re tracking NFLX specifically for today, here are the main storylines that matter:

Share price and trading action
- Netflix trades around $110, down about 3–4% on the day on heavy volume, but still substantially higher year‑to‑date. ^[43]
Warner Bros. Discovery bidding deadline
- First‑round, non‑binding bids for WBD are due today, with Netflix in the mix for the studio and streaming assets. No deal is guaranteed, but the process is fueling volatility and speculation. ^[44]
Clarification on theatrical releases
- Netflix has reportedly told Warner management it would keep releasing the studio’s films in theaters and honor existing contracts if its bid succeeds, a nod to regulators and theatrical partners. ^[45]
MLB media‑rights deal
- MLB’s new three‑year deals with Netflix, ESPN and NBCUniversal, worth around $800 million annually, mark Netflix’s deeper move into live sports, including Opening Night, the Home Run Derby and other special events. ^[46]
Post‑split environment
- The 10‑for‑1 stock split, effective November 17, has made Netflix shares cheaper per unit but hasn’t changed the company’s intrinsic value. It has, however, reset trading dynamics, which can amplify short‑term moves like today’s. ^[47]
Underlying fundamentals
- Recent quarters show robust revenue growth (~17% YoY), strong free cash flow (~$9B guidance for 2025) and expanding ad‑tier momentum, which is why Wall Street still broadly views Netflix as a long‑term compounder, despite current volatility. ^[48]

Bottom line

On November 20, 2025, Netflix stock is caught at the crossroads of big, long‑term opportunities and meaningful near‑term uncertainty:

The WBD auction could, in theory, transform Netflix into an even more dominant content powerhouse—but only at the cost of regulatory battles and integration risk.
The MLB deal strengthens Netflix’s push into live sports and advertising, reinforcing the company’s evolution into a multi‑format entertainment and media platform.
The recent stock split has made the share price look cheaper per share but hasn’t solved the central question: can Netflix grow fast enough, and profitably enough, to justify its premium valuation?

For traders, that mix means volatility. For long‑term investors, it means keeping a close eye on how Netflix navigates WBD, executes its sports strategy, and continues to grow its profitable ad‑supported business over the next few years.

This article is for informational purposes only and does not constitute financial or investment advice. Always do your own research or consult a licensed financial adviser before making investment decisions.

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