Streaming giant Netflix (NFLX) has switched its offer for Warner Bros. Discovery’s (WBD) studio and streaming businesses to an all-cash deal, with unanimous backing from the HBO owner’s board. The move keeps the $82.7 billion price unchanged and aims to block rival Paramount Skydance’s (PSKY) competing bid. NFLX stock is up about 1% in premarket trading, while WBD and PSKY are trending lower.
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Amid the acquisition saga, Netflix is set to report its Q4 2025 earnings after the market closes today. Wall Street expects Netflix to post earnings of $0.55 per share, up 28% from a year ago, with revenue projected to rise about 17% to $11.97 billion. However, analysts caution that the latest deal-related chaos could overshadow the company’s core business performance.