Warner Bros. Discovery (NASDAQ: WBD) closed Friday, Dec. 12, 2025 near $30 and traded slightly lower after hours as investors digested fresh antitrust skepticism around Netflix’s bid, Paramount’s all-cash tender offer, and new HBO Max product moves. Here’s what mattered after the bell — and what to watch before the next market open.
Warner Bros. Discovery, Inc. (NASDAQ: WBD ) ended Friday’s session (Dec. 12, 2025) with its stock closing at $29.98 after touching an intraday high of $30.00 — and then edging down to about $29.94 in late after-hours trading . [1]
That “pinned near $30” price action has become the market’s shorthand for one thing: WBD is trading like a merger-arbitrage battleground, not a normal media stock , as investors weigh two competing paths — a Netflix deal centered on WBD’s studios/streaming assets versus Paramount’s hostile, all-cash bid for the whole company — plus the growing question of whether regulators will allow either outcome.
Below is a detailed, publication-ready roundup of the most important news, analysis, and forward-looking angles published on Dec. 12, 2025 , along with a practical checklist of what investors should monitor heading into the next US trading session.
WBD after the bell (Dec. 12, 2025): the numbers investors are watching
WBD’s trading session and after-hours tape were remarkably consistent with what’s defined the stock all week:
- Close (4:00 pm ET): $29.98 [2]
- After-hours (7:55 p.m. ET): $29.94 [3]
- Day range: $29.75 – $30.00 [4]
- Prior close (Dec. 11): $29.49 [5]
In other words: no big after-hours breakout — but no collapse either. That steadiness matters because, right now, WBD is being priced as a probability-weighted bet on deal outcomes, timelines, and regulatory risk.
Why WBD stock is “stuck” near $30: two bids, two very different stories
The market’s core reference points remain:
1) Paramount’s hostile all-cash tender offer at $30
Paramount (Skydance-backed) has launched an all-cash tender offer for all outstanding WBD shares at $30 per share , positioning it as a “cleaner” transaction with a “quicker path” through regulators. Paramount also states its tender offer is scheduled to expire Jan. 8, 2026 (unless extended) . [6]
2) Netflix’s proposed acquisition of key WBD assets at $27.75 per share (per Paramount’s description)
Paramount’s own filing/press materials frame Netflix’s proposal as a $27.75 per-share structure with cash and stock components (and a broader enterprise value discussion), contrasting it with Paramount’s all-cash certainty. [7]
That’s the mechanical reason WBD is hovering around $30: the stock is being priced close to Paramount’s cash number, while still reflecting uncertainty about whether Paramount can win (and close), whether Netflix improves terms, and whether regulators block/slow the process.
The biggest Dec. 12 headline for WBD investors: fresh antitrust skepticism around the Netflix bid
On Dec. 12, 2025 , Reuters published a legal/antitrust-focused analysis that quickly became the most important “risk” read-through for WBD traders.
The key takeaway: antitrust experts are skeptical of Netflix’s argument that buying WBD is necessary to compete with YouTube , and they expect close scrutiny by US and global regulators. [8]
Reuters’ analysis highlights several points that matter directly to WBD’s stock pricing:
- Regulators tend to evaluate narrow competitive markets , not broad “digital entertainment” umbrellas. [9]
- Netflix and YouTube differ materially in business model and content type (paid scripted vs. ad-supported user-generated), which could weaken Netflix’s framing. [10]
- New merger review rules may require earlier disclosure of internal analyses; if Netflix’s internal documents don’t support the YouTube-competitor story, that argument could “fall apart” in review. [11]
Why this matters for WBD: when a stock trades on deal math, regulatory probability becomes valuation. A perceived drop in Netflix’s chance of clearing regulators can push investors toward expecting (a) a higher bid elsewhere, (b) a longer timeline, or (c) a break/renegotiation scenario.
Another Dec. 12 signal: awards-season analysis underscores “why Netflix wants Warner” — and why critics are mobilizing
Also on Dec. 12 , Reuters published a “Chart of the Week” explaining a different strategic dimension: if Netflix absorbs WBD, it could become an even larger awards-season powerhouse , amplifying Netflix’s content prestige and competitive momentum.
Reuters points to Golden Globe nomination counts as one lens:
- Netflix: 35 nominations
- Warner: 33 nominations
- Paramount Skydance: 3 nominations [12]
Reuters also notes the Netflix–Warner proposal has already sparked consolidation concerns , including mention of a consumer lawsuit seeking to block the deal and expectations of significant US antitrust scrutiny. [13]
For WBD shareholders, this is part of the “soft” risk that can become “hard” risk: public backlash can shape regulatory narrative , especially in media where labor groups, creators, and consumer advocates are vocal.
Dec. 12 product news that’s easy to overlook — but still relevant: HBO Max launches “curated channels”
Not all Dec. 12 developments were about deal lawyers.
The Verge reported that HBO Max rolled out in-app “curated channels” designed to mimic lean-back, always-on TV experiences — aimed at reducing “decision fatigue” and making it easier to jump into a franchise stream. [14]
Highlights from The Verge’s report:
- 12 themed channels at launch , including franchise feeds such as DC Universe, Friends, Harry Potter, Game of Thrones, The Big Bang Theory, Lord of the Rings, Rick and Morty, The Sopranos, Sex and the City , and more. [15]
- Channels appear in a “channels” rail and allow controls like rewind/fast-forward/skip within the queue. [16]
Why it matters for the stock, even in M&A mode:
- It reinforces that HBO Max remains a strategic asset with ongoing product investment.
- It signals what an acquirer might prioritize: engagement, retention, and “TV-like” viewing behaviors that can stabilize churn.
In a deal environment, even seemingly small product updates can feed investor narratives about the quality and defensibility of the streaming asset being fought over.
Financial Times on Dec. 12: the bidding war may not be over — and the calendar matters
A separate, widely read Dec. 12 analysis from the Financial Times framed the situation as a live bidding war where Paramount’s $30 offer “is not final” and could rise — with analysts floating $32 per share as a plausible escalation point. [17]
FT also flagged an important timing detail: WBD’s response to Paramount’s bid is due by Dec. 22 . [18]
Even if you ignore every rumor, these two elements shape how traders model WBD:
- If the “action” window is late December, weekend and Monday headlines can meaningfully move probability.
- If the market starts believing a higher bid is likely, WBD can trade above the current offer (reflecting optionality).
Market backdrop on Dec. 12: tech weakness, but WBD remained deal-driven
While WBD’s chart was mostly about M&A, the broader market tone on Friday still matters for sentiment and liquidity.
Investors.com described a week where the Dow and Russell 2000 hit highs , while the Nasdaq was pressured by weakness in AI-heavy tech names and big moves in companies like Oracle and Broadcom. [19]
The practical takeaway: on a day when growth/AI narratives can swing indexes, WBD’s bid-driven price action looks increasingly idiosyncratic — which can attract more event-driven capital (and volatility) as the “deal tape” intensifies.
Forecasts and analyst framing: why conventional targets matter less — until they suddenly matter more
In normal times, investors would center WBD on earnings power, streaming profitability progress, ad-market conditions, and debt paydown. Right now, the stock is largely trading on:
- Deal spreads
- Regulatory timelines
- Probability of bid increases
- Break risk / renegotiation risk
That said, “traditional” Wall Street work hasn’t disappeared — it’s just being reframed as deal math.
Earlier in the week, analyst notes (eg, from Deutsche Bank and Benchmark, per Investing.com reporting) explicitly valued the pieces of WBD under deal structures and discussed how competing bids might influence shareholder outcomes. [20]
Meanwhile, Paramount’s own communications lean heavily into a forecast-like claim: that a Netflix–WBD combination would be more problematic for regulators, while Paramount positions its offer as more “pro-competitive.” [21]
For investors reading this into the next session, the key is not “what is WBD worth in 2030” — it’s closer to:
- Which offer survives scrutiny?
- How long does it take?
- Does someone blink and raise the price?
- If deals fail, what’s the re-rating risk back toward fundamentals?
What to know before the “next open” on Dec. 13, 2025: a critical calendar reality
One important correction for the calendar:
Dec. 13, 2025 is a Saturday — US stock markets are closed.
So there is no regular-session open for WBD on Saturday .
The next US equity market opens is Monday, Dec. 15, 2025 (with premarket trading before the bell).
That doesn’t make this weekend “quiet,” though. In event-driven situations like WBD, weekend developments can reset expectations before Monday’s open.
Weekend-to-Monday checklist: what WBD investors should watch next
Here are the high-signal items that can move WBD quickly when the market reopens:
1) Any new statements or filings from the companies
- Paramount’s tender offer is active and documented; any amendments, extensions, or financing clarifications can influence perceived certainty. [22]
- Any Netflix response that reframes terms, governance, or regulatory strategy could change the odds.
2) Deal-timeline signposts
- Watch for how coverage evolves around Dec. 22 , which FT flagged as a response deadline for WBD regarding Paramount’s bid. [23]
- Keep the Jan. 8, 2026 tender-offer expiration date on the radar as a forcing function (even if it’s extended). [24]
3) Regulatory narrative and antitrust framing
- Reuters’ Dec. 12 analysis made clear that the “YouTube rivalry” claim is contested, and regulators may define competition in narrower markets that don’t help Netflix’s case. [25]
- The degree to which regulators view HBO Max as a direct Netflix competitor (and the effect on consumer pricing) is likely to dominate commentary.
4) Public backlash and stakeholder pressure
- The awards-season lens and reported lawsuit activity underscore that opposition can come from multiple angles — consumers, creators, labor, and exhibitors — and that can influence political/regulatory tone. [26]
5) Streaming-product traction signals
- HBO Max’s “curated channels” launch is a reminder that the platform continues to iterate, and engagement initiatives can matter to how investors value the asset inside any deal. [27]
Bottom line for WBD after the bell on Dec. 12, 2025
WBD closed Friday at $29.98 and traded slightly lower after hours — a small move that masks a much bigger reality: the stock is functioning as a live referendum on who ends up owning Warner’s crown jewels and whether regulators allow the transaction through. [28]
References
1. stockanalysis.com, 2. stockanalysis.com, 3. stockanalysis.com, 4. stockanalysis.com, 5. stockanalysis.com, 6. www.paramount.com, 7. www.paramount.com, 8. www.reuters.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.reuters.com, 13. www.reuters.com, 14. www.theverge.com, 15. www.theverge.com, 16. www.theverge.com, 17. www.ft.com, 18. www.ft.com, 19. www.investors.com, 20. www.investing.com, 21. www.paramount.com, 22. www.paramount.com, 23. www.ft.com, 24. www.paramount.com, 25. www.reuters.com, 26. www.reuters.com, 27. www.theverge.com, 28. stockanalysis.com
