CNBC reports that Warner Bros. Discovery is set to hold a shareholder vote in March on the proposed $82.7 billion sale of its streaming and studio assets to Netflix. Institutional investors and proxy advisory firms have already begun reviewing the terms, with several large asset managers publicly expressing support for the transaction’s strategic rationale. Approval would mark the largest content acquisition in entertainment history and could accelerate Netflix’s content pipeline by adding dozens of major theatrical releases and established series to its library.

Netflix reported fourth-quarter revenue of $12.05 billion, up 17.6% year-over-year, and delivered earnings per share of $0.56, topping consensus by $0.01. Operating margins expanded to 24.3% and return on equity reached 43.3%, reflecting continued subscriber growth in key markets and improved content monetization. Despite these results, the stock has fallen to a 52-week low, down more than 12% over the past year, as investors weigh rising content costs and regulatory scrutiny in Europe.

Netflix CEO Gregory Peters sold 105,781 shares on January 29, reducing his direct ownership by 46.4%. The transaction, disclosed in an SEC filing, trimmed his holding to 122,140 shares. While insiders occasionally sell for diversification, the size of this sale has prompted some investors to question management’s conviction ahead of the Warner Bros. vote and the company’s ambitious 2026 guidance.

Following the quarterly report, two analysts upgraded their ratings and 33 maintained buy recommendations, while 17 issued holds. Robert W. Baird lowered its target from $150 to $120, and Loop Capital set a $104 objective. The consensus target price stands at $116.17, implying upside potential of approximately 25% from current levels. Analysts cite continued international expansion, advertising revenue growth and potential deal synergies with Warner Bros. as key catalysts.