Netflix Inc ( NFLX ) shares are edging higher Thursday as the streaming giant defends its $82.7 billion merger agreement with Warner Bros. Discovery Inc ( WBD ) against an aggressive hostile counter-bid. Here’s what investors need to know.

Netflix ( NFLX ) stock is moving in positive territory. What’s driving NFLX shares up?

What To Know: The drama escalated this week as Paramount Skydance Corp CEO David Ellison met with Warner Bros. Discovery ( WBD ) shareholders in New York, urging them to reject Netflix’s offer. Paramount has launched a hostile $108 billion all-cash tender offer ($30 per share), arguing it provides superior value and a faster regulatory path than Netflix's ( NFLX ) cash-and-stock proposal.

Unlike Netflix's ( NFLX ) deal, which values Warner Bros. Discovery ( WBD ) at approximately $27.75 per share and requires the company to spin off linear assets like CNN by 2026, Paramount's bid includes the acquisition of all assets.

While WBD's board has already approved the Netflix ( NFLX ) agreement, Paramount is actively soliciting shareholder tenders before a Jan. 8, 2026 deadline. Regulatory risk remains a focal point.

President Donald Trump recently stated he intends to be “involved” in the federal review of a potential Netflix-WBD combination due to market share concerns, despite expressing admiration for Netflix ( NFLX ) co-CEO Ted Sarandos.

As the bidding war heats up, Warner Bros. Discovery ( WBD ) investors now hold the leverage in a showdown that could fundamentally redraw the entertainment landscape.

Benzinga Edge Rankings: Although the stock is currently flagging in short-term momentum, Benzinga Edge rankings emphasize Netflix’s robust fundamentals, awarding the company a Growth score of 80.34 and a Quality score of 81.31.

NFLX Price Action: Netflix ( NFLX ) shares were up 1.83% at $94.44 at the time of publication on Thursday, according to Benzinga Pro data.

The stock is currently trading 15.6% below its 50-day moving average of $111.65 and 16.9% below its 200-day moving average of $113.36, indicating a bearish trend in the medium to long term.

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