CNBC reports that Warner Bros. Discovery is expected to convene a shareholder vote in March on the proposed $82.7 billion sale of its streaming and studio assets to Netflix. The vote follows the announcement of definitive merger agreements in December, and proxy materials are slated to be mailed to holders by mid–February. Approval from at least a majority of WBD’s outstanding shares is required, and analysts estimate institutional investors controlling roughly 75% of the float will determine the outcome.

On January 29, Netflix CEO Gregory Peters sold 105,781 shares of company stock, reducing his direct holdings by 46.4%. The transaction, valued at approximately $8.78 million, leaves him with 122,140 shares. The sale was disclosed in a Form 4 filing with the SEC. Historically, Peters has maintained an active selling program; investors will watch whether this signals confidence levels ahead of projected Q1 subscriber results.

For the quarter ended December 31, Netflix reported revenue of $12.05 billion, up 17.6% year-over-year, and delivered EPS of $0.56, beating consensus by $0.01. Net margin stood at 24.3%, while return on equity reached 43.3%. Global paid net additions totaled 8.76 million, driven by strong international growth in Europe and Latin America. Guidance for Q1 sets EPS at $0.76, slightly above the $0.75 consensus, with paid net additions expected between 7.5 million and 8.5 million.

Wall Street sentiment remains cautiously optimistic. Of 52 analysts covering Netflix, 33 maintain Buy ratings, 17 are on Hold and 2 have Strong Buy designations. The consensus price target stands at $116.17, representing 34% upside from recent levels. Recent revisions include Robert W. Baird lowering its target from $150 to $120 and CFRA shifting to Hold with a $100 objective. The shifts reflect concerns over the pending Warner Bros. Discovery deal and its impact on long-term leverage and free cash flow.