New York, Jan 10, 2026, 11:09 EST — Market closed
- Netflix shares ended Friday down 1.2% at $89.46, lagging a broader U.S. stock rally.
- Paramount Skydance is pressing Warner Bros Discovery shareholders to back a higher all-cash bid over Netflix’s deal.
- Next catalysts include U.S. CPI on Jan. 13, Netflix earnings on Jan. 20 and Paramount’s tender-offer deadline on Jan. 21.
Netflix Inc shares closed down 1.2% on Friday at $89.46, as the streaming company’s stock tracked the latest twists in a bidding contest for Warner Bros Discovery that investors see as a potential balance-sheet stress test.
The timing is awkward. Markets reopen Monday with little new company-specific data likely before a run of hard dates — a U.S. inflation report next week, Netflix results the week after, and a Jan. 21 deadline tied to the rival offer for Warner Bros.
Paramount Skydance reiterated on Thursday that its $108.4 billion bid for Warner Bros Discovery is superior to Netflix’s agreement, arguing Netflix’s structure leans on a cable-network spinoff it says is worth “less than nothing.” Netflix’s deal is a cash-and-stock offer (cash plus Netflix shares) valued at $27.75 per Warner Bros share, or $82.7 billion, for the studios and streaming assets, Reuters reported.
Paramount said the cash paid to Warner shareholders could slide to $20 a share from $23.25 if Warner loads more debt onto the transaction, a claim that puts funding and leverage — shorthand for how much debt a company carries — back into the spotlight. Warner has said it would owe Netflix a $2.8 billion termination fee if it walks away, and Netflix’s deal is backed by $59 billion of bank debt, Reuters reported.
For Netflix stock, the fight is not about box office. It is about what the company is willing to pay — and borrow — to own more content and another major streaming brand, and how regulators react to a reshaped media map.
Some of Warner Bros Discovery’s biggest shareholders are split on whether Paramount’s higher offer is worth the extra risk and fees, Reuters reported, underscoring how messy the next two weeks could get. “A tie goes to the incumbent,” said Alex Fitch, a partner and portfolio manager at Harris Oakmark, referring to the existing Netflix deal. (Reuters)
Traders also have macro risk to juggle. December 2025 U.S. CPI data are due on Tuesday, Jan. 13 at 8:30 a.m. Eastern, and the Federal Reserve’s next policy meeting is scheduled for Jan. 27-28 — both dates that can swing rate expectations and borrowing costs.
Netflix’s next company catalyst lands first. The company said it will post fourth-quarter 2025 results and its business outlook on Tuesday, Jan. 20, followed by a management video session with co-CEOs Ted Sarandos and Greg Peters and finance executives. (Netflix)
Investors will be looking for two things in that update: whether Netflix’s 2026 outlook supports taking on a large deal at the same time as competition for attention and sports rights keeps spending tight, and whether management adds detail on financing, timing and regulatory strategy for Warner.
The stock ended the week just under $90, a round-number level that traders often treat as a near-term line, especially when headlines can hit outside market hours.
But the downside path is easy to sketch. If Paramount raises its offer or drags out the process, Netflix could face pressure to sweeten terms, or risk paying a breakup fee if the agreement collapses; a tougher regulatory readout could also extend timelines and keep the stock pinned to deal headlines instead of operating performance.
The next markers are clear: U.S. CPI on Jan. 13, Netflix earnings on Jan. 20, and the Jan. 21 tender-offer expiry date that will show whether Warner shareholders take Paramount’s $30-a-share bid or stick with Netflix’s deal.
