Stock Market Today, Feb. 27: Netflix Surges After Dropping Warner Bros. Bid and Securing Breakup Fee

2026-02-27 17:09:36 ET

Netflix (NASDAQ:NFLX) , a subscription-based streaming service for movies and TV shows, closed Friday at $96.24, up 13.77%. The stock moved higher after Netflix dropped its bid for Warner Bros. Discovery while securing a breakup fee, and investors are watching how capital discipline will shape future content and deal spending.
Trading volume reached 190.8 million shares, coming in about 280% above its three-month average of 50.2 million shares. Netflix IPO'd in 2002 and has grown 80,341% since going public.

The S&P 500 (SNPINDEX:^GSPC) slipped 0.43% to 6,879, while the Nasdaq Composite (NASDAQINDEX:^IXIC) fell 0.92% to 22,668. Within streaming media services, industry peers Walt Disney (NYSE:DIS) closed at $106.04 (up 0.46%) and Warner Bros. Discovery (NASDAQ:WBD) finished at $28.17 (down 2.19%) as investors reassessed consolidation prospects.

After a drawn out and highly watched bidding war, Warner Bros. Discovery deemed the latest acquisition bid made by Paramount Skydance (NASDAQ:PSKY) superior to the previously accepted bid from Netflix. Rather than counter with a new bid, Netflix bowed out, walking away with a $2.8 billion breakup fee from the original agreement.

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