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LOS ANGELES, Jan 20 (Reuters) – Netflix beat Wall Street's revenue and earnings estimates for its holiday quarter on Tuesday but its shares tumbled more than 4% in after-hours trading, as the streaming giant remains locked in a fierce bidding war for Warner Bros Discovery. The company reported results hours after amending its $82.7 billion merger agreement with Warner Bros, as it seeks to fend off a hostile bid from Paramount Skydance.  "Historically, Netflix has not shied away from doing what’s right for long-term growth even at the expense of near-term negative share price reaction," said Michael Ashley Schulman, chief investment officer of Running Point Capital Advisors. "That seems to be the case again." Netflix reported earnings on the same day it announced its all-cash deal for Warner Bros Discovery, a transaction that all but eclipsed its fourth-quarter results. The company reported revenue of $12.1 billion for October through December, modestly exceeding forecasts of $11.97 billion, according to analysts surveyed by LSEG. Adjusted per-share earnings came in at 56 cents, slightly above estimates of 55 cents per share. The company said its results were driven in part by membership gains. The streaming service crossed 325 million paid subscribers in the quarter, up from 300 million reported in late 2024. Nielsen reported that Netflix's monthly viewership rose 10% in December, thanks largely to the final season of hit sci-fi series "Stranger Things," which generated 15 billion viewing minutes. The service also streamed two National Football League games on Christmas Day and released a third film in the "Knives Out" murder-mystery series. Netflix offered a full-year revenue forecast of $50.7 billion to $51.7 billion for 2026 – a projection that, at the low end, fell below analysts' estimates of $50.98 billion. Its projections for the year incorporate a year-over-year doubling of advertising revenue, which Chief Financial Officer Spencer Neumann told investors would reach about $3 billion. Co-CEO Ted Sarandos said the company plans to invest in new initiatives, such as expanding live events with the addition of those taking place outside of the U.S., like the forthcoming World Baseball Classic in Japan. It also expanded into video podcasts, adding stars like Pete Davidson and Michael Irvin.     Netflix is adding operation centers in the UK and Asia to support the growth of live events outside the domestic market, and the company looks to build its ad business, said Co-CEO Greg Peters. The company is offering a wider array of advertising formats, including interactive video ads, as well as those that "mix and match creative elements to drive better business outcomes," he said. The results come on the heels of Netflix amending its merger agreement to an all-cash offer for the Warner Bros film and television studios, its extensive content library and major entertainment franchises, including "Game of Thrones," "Harry Potter" and DC Comics' superheroes like Batman and Superman. "Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty," Sarandos said in a statement accompanying Tuesday's amended bid. In its note to investors, Netflix said the Warner Bros acquisition will provide it with an even broader and higher-quality selection of movies and shows for its subscribers, while it will be able to offer more personalized, flexible subscription offers with the addition of HBO Max. The company said it obtained commitments for a $59 billion bridge loan on December 4 to support the Warner acquisition. On Monday, it increased the bridge loan commitment by $8.2 billion to support its all-cash $27.75 per share offer.  Netflix also told investors it would pause share buybacks to accumulate cash to help fund the Warner deal. It has already incurred $60 million in costs related to securing financing. "The pause in the buyback they announced is really no surprise, but if we take a step back, Netflix is coming off a couple of years where they've really held content spending more or less flat over the last few years, and that's allowed for some pretty sharp margin expansion," said John Belton, portfolio manager for Gabelli Funds, noting that investment cycles ebb and flow. "If this Warner Brothers deal closes, one of the benefits is going to be a much bigger content library, which could, in theory, mean slower, less need to invest so aggressively to grow that library over time," said Belton. (Reporting by Dawn Chmielewski and Lisa Richwine in Los Angeles; Additional reporting by Zaheer Kachwala in Bengaluru; Editing by Sayantani Ghosh and Matthew Lewis)

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PARIS, Jan 20 (Reuters) – Louis Vuitton men's designer Pharrell Williams on Tuesday presented a collection of understated elegance in muted tones to kick off Paris Fashion Week.  The fall-winter show was held in a giant cube outside LVMH's Louis Vuitton Foundation, which houses artworks behind its facade designed by the late American architect Frank Gehry. Inside, models wearing classic dresses in beiges, greys and browns walked across the artificial lawn around what looked like a countryside retreat, with its spacious minimalist design of wood and glass evoking serene seclusion.  Models wore ties, long coats, double-breasted jackets and dark brown leather caps, with deep reds and light yellows providing occasional touches of colour.  A string orchestra and gospel-style dancers clapping and swaying to hip-hop beats provided the show's soundtrack. Williams, a Grammy-winning music producer who became Louis Vuitton's menswear creative director in 2023, walked out at the show's close to greet an audience that included singer John Legend, rappers Future and Skepta and France's first lady, Brigitte Macron. (Reporting by Tassilo Hummel; Editing by Jamie Freed)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

PARIS, Jan 20 (Reuters) – Louis Vuitton men's designer Pharrell Williams on Tuesday presented a collection of understated elegance in muted tones to kick off Paris Fashion Week.  The fall-winter show was held in a giant cube outside LVMH's Louis Vuitton Foundation, which houses artworks behind its facade designed by the late American architect Frank Gehry. Inside, models wearing classic dresses in beiges, greys and browns walked across the artificial lawn around what looked like a countryside retreat, with its spacious minimalist design of wood and glass evoking serene seclusion.  Models wore ties, long coats, double-breasted jackets and dark brown leather caps, with deep reds and light yellows providing occasional touches of colour.  A string orchestra and gospel-style dancers clapping and swaying to hip-hop beats provided the show's soundtrack. Williams, a Grammy-winning music producer who became Louis Vuitton's menswear creative director in 2023, walked out at the show's close to greet an audience that included singer John Legend, rappers Future and Skepta and France's first lady, Brigitte Macron. (Reporting by Tassilo Hummel; Editing by Jamie Freed)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

PARIS, Jan 20 (Reuters) – Louis Vuitton men's designer Pharrell Williams on Tuesday presented a collection of understated elegance in muted tones to kick off Paris Fashion Week.  The fall-winter show was held in a giant cube outside LVMH's Louis Vuitton Foundation, which houses artworks behind its facade designed by the late American architect Frank Gehry. Inside, models wearing classic dresses in beiges, greys and browns walked across the artificial lawn around what looked like a countryside retreat, with its spacious minimalist design of wood and glass evoking serene seclusion.  Models wore ties, long coats, double-breasted jackets and dark brown leather caps, with deep reds and light yellows providing occasional touches of colour.  A string orchestra and gospel-style dancers clapping and swaying to hip-hop beats provided the show's soundtrack. Williams, a Grammy-winning music producer who became Louis Vuitton's menswear creative director in 2023, walked out at the show's close to greet an audience that included singer John Legend, rappers Future and Skepta and France's first lady, Brigitte Macron. (Reporting by Tassilo Hummel; Editing by Jamie Freed)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

PARIS, Jan 20 (Reuters) – Louis Vuitton men's designer Pharrell Williams on Tuesday presented a collection of understated elegance in muted tones to kick off Paris Fashion Week.  The fall-winter show was held in a giant cube outside LVMH's Louis Vuitton Foundation, which houses artworks behind its facade designed by the late American architect Frank Gehry. Inside, models wearing classic dresses in beiges, greys and browns walked across the artificial lawn around what looked like a countryside retreat, with its spacious minimalist design of wood and glass evoking serene seclusion.  Models wore ties, long coats, double-breasted jackets and dark brown leather caps, with deep reds and light yellows providing occasional touches of colour.  A string orchestra and gospel-style dancers clapping and swaying to hip-hop beats provided the show's soundtrack. Williams, a Grammy-winning music producer who became Louis Vuitton's menswear creative director in 2023, walked out at the show's close to greet an audience that included singer John Legend, rappers Future and Skepta and France's first lady, Brigitte Macron. (Reporting by Tassilo Hummel; Editing by Jamie Freed)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

LOS ANGELES, Jan 20 (Reuters) – Netflix exceeded Wall Street's revenue estimates for its holiday quarter, as it crossed 325 million subscribers, the company said on Tuesday. Revenue came in at $12.1 billion for October through December – topping forecasts of $11.97 billion for the quarter, according to analysts surveyed by LSEG. Nielsen reported that Netflix's monthly viewership rose 10% in December, thanks largely to the final season of hit sci-fi series "Stranger Things," which generated 15 billion viewing minutes. Netflix also streamed two National Football League games on Christmas Day and released a third film in the "Knives Out" murder mystery series. Investors remain focused on Netflix's $82.7 billion pursuit of Warner Bros Discovery's studio and other entertainment assets, as it seeks to fend off a hostile bid from Paramount Skydance.  Netflix amended its merger agreement to an all-cash offer for the film and television studios, its extensive content library and major entertainment franchises, including "Game of Thrones," "Harry Potter" and DC Comics' superheroes like Batman and Superman. "Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty," Netflix Co-CEO Ted Sarandos said in a statement accompanying Tuesday's amended bid. In its note to investors, Netflix said the Warner Bros acquisition will provide it with an even broader and higher-quality selection of movies and shows for its subscribers, while it will be able to offer more personalized, flexible subscription offers with the addition of HBO Max. The company said it obtained commitments for a $59 billion bridge loan on December 4 to support the Warner acquisition. On Monday, it increased the bridge loan commitment by $8.2 billion to support its all-cash $27.75 per share offer.  In financial results, Netflix reported adjusted per-share earnings of 56 cents for the fourth quarter ended in December, slightly above estimates of 55 cents per share. Netflix forecasts continued growth in 2026, with revenue of $50.7 billion to $51.7 billion. Ad revenue is expected to roughly double, Netflix said. (Reporting by Dawn Chmielewski and Lisa Richwine in Los Angeles; Editing by Sayantani Ghosh and Matthew Lewis)

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By Dawn Chmielewski LOS ANGELES, Jan 20 (Reuters) – Netflix has switched to an all-cash offer for Warner Bros Discovery's studio and streaming assets without increasing the $82.7 billion price in a bid to shut the door on Paramount's rival efforts to snag the Hollywood giant. The new all-cash bid – at $27.75 a share – has unanimous support from the Warner Bros board, according to a Tuesday regulatory filing. Both Netflix and Paramount Skydance covet Warner Bros for its leading film and television studios, extensive content library and major franchises such as "Game of Thrones," "Harry Potter" and DC Comics' superheroes Batman and Superman. Paramount has altered its terms and engaged in an aggressive media campaign to try to convince shareholders that its bid is superior, but Warner Bros has spurned the David Ellison-led company. It declined to comment Tuesday on Netflix's all-cash offer. Warner Bros will hold a special investor meeting to vote on the Netflix deal, with the streaming pioneer saying that the meeting was expected to be held by April. "Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty," Netflix co-CEO Ted Sarandos said in a statement. Shares of Netflix, which is slated to report quarterly earnings after the market close, were up 0.9%. Paramount shares were down 1.9%, while Warner Bros' shares down 0.5% in early trading.  Alex Fitch, portfolio manager for Harris Oakmark, the fifth largest investor in Warner Bros with about 96 million shares as of Sept 30, predicted the bidding war for Warner Bros may not be over. "This new agreement only ramps up the pressure," said Fitch. "The changes show that Netflix is serious about winning, and the accelerated shareholder vote means Paramount needs to act with urgency. Now, it is up to Paramount to provide a clearly superior offer if they want to get this done.” EARLIER CASH-AND-STOCK BID REPLACED Netflix shares have fallen almost 15% since announcing the merger on December 5, closing at $88 per share on Friday – well below the $97.91 floor price of the original bid. That drop was part of Paramount's argument that its bid was superior. The new $27.75-per-share offer from Netflix replaces its earlier cash-and-stock bid for $23.25 in cash and $4.50 in Netflix stock. "The merger consideration is a fixed cash amount to be paid by an investment-grade company, providing (Warner Bros) stockholders with certainty of value and liquidity immediately upon closing the merger," Warner Bros said.  The company's board also disclosed its valuation for Discovery Global, a planned spin-off that will contain television assets including CNN and TNT Sports and the Discovery+ streaming service.  The board has maintained that the Netflix merger deal is superior to Paramount Skydance's $30-per-share cash bid for the company because Warner Bros' investors would retain a stake in the separately traded Discovery Global. Warner Bros' advisers used three separate approaches for valuing Discovery Global. The lowest share price they arrived at was $1.33 per share, by applying a single value across the whole company. The high end of the range they determined was a price of $6.86 a share, if the spin-off became involved in a future deal. Paramount has said the cable spinoff central to the streaming giant's offer is effectively worthless. PARAMOUNT TENDER EXPIRES JAN 21 The rival bidder went to court on January 12 to expedite the disclosure of this information, so investors could evaluate the competing offers for Warner Bros. A Delaware court judge rejected the request, finding that Paramount had failed to demonstrate it would suffer irreparable harm from the alleged inadequate disclosures about Warner Bros' cable TV business. Paramount Skydance, whose tender offer expires on January 21, did not immediately respond to a Reuters request for comment. "Paramount will make another appeal to shareholders. Unless Paramount raises its bid, the appeal will be window dressing," Emarketer analyst Ross Benes said. The race is expected to come to a head at a shareholder vote later this year as Warner investors weigh the value of cable assets. Warner Bros reiterated its reasons for rejecting the Paramount bid, saying its all-cash offer of $30 a share was insufficient after factoring in the "price and numerous risks, costs and uncertainties." “Netflix’s move to go all‑cash on the Warner Bros. deal is a smart pivot at a time when its own falling share price had begun to weaken its hand," said Matt Britzman, senior equity analyst, Hargreaves Lansdown. "A cash bid strips away uncertainty and is unquestionably more appealing from Warner Bros.’ perspective, even if it does nothing to ease regulatory scrutiny." A merger with Netflix would leave the combined company with roughly $85 billion in debt, compared with $87 billion for Paramount. But Netflix is worth considerably more, with a market valuation of $402 billion, compared with $12.6 billion for Paramount. The Netflix tie-up would be less leveraged – carrying a leverage ratio of under four – than a ratio of about seven with Paramount. Netflix also agreed to allow Warner Bros to reduce the amount of indebtedness to be borne by Discovery Global by $260 million, according to the regulatory filing. Netflix also has an investment-grade credit rating, whereas Paramount's bonds are rated at junk levels by S&P and would likely come under further pressure, Warner Bros said in its filing. Winning over shareholders' approval, however, may only be the first step in what could be a long process, given lawmakers across ⁠the political spectrum have ​voiced concerns that further media consolidation could drive up prices and reduce consumer choice. The Ellisons have argued that their relationship with President Donald Trump gives them an easier regulatory path to approval.  (Reporting by Dawn Chmielewski in Los Angeles, additional reporting by Aditya Soni and Harshita Varghese in Bengaluru, and Ross Kerber in Boston; editing by Dawn Kopecki, David Gregorio and Nick Zieminski)

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By Dawn Chmielewski LOS ANGELES, Jan 20 (Reuters) – Netflix squeaked past Wall Street's revenue estimates for its holiday quarter on Tuesday, as the streaming giant remains locked in a fierce bidding war for Warner Bros Discovery, sending its shares down 4% in after-hours trading. Revenue came in at $12.1 billion for October through December, modestly exceeding forecasts of $11.97 billion for the quarter, according to analysts surveyed by LSEG. The company also surpassed 325 million subscribers. Netflix offered a full-year revenue forecast of $50.7 billion to $51.7 billion for 2026 – a projection that, at the low end, fell below analysts' estimates of $50.98 billion. Nielsen reported that Netflix's monthly viewership rose 10% in December, thanks largely to the final season of hit sci-fi series "Stranger Things," which generated 15 billion viewing minutes. Netflix also streamed two National Football League games on Christmas Day and released a third film in the "Knives Out" murder-mystery series. Netflix crossed 300 million subscribers at the end of 2024. Investors remain focused on Netflix's $82.7 billion pursuit of Warner Bros Discovery's studio and other entertainment assets, as it seeks to fend off a hostile bid from Paramount Skydance.  "Investors seem skeptical that the WBD purchase will pay off for them, which has contributed to the stock being down lately," said Ross Benes, analyst at eMarketer. "Netflix's debt position is better than most entertainment companies. For the next few quarters, M&A will generally overshadow quarterly results." Netflix amended its merger agreement to an all-cash offer for the film and television studios, its extensive content library and major entertainment franchises, including "Game of Thrones," "Harry Potter" and DC Comics' superheroes like Batman and Superman. "Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty," Netflix Co-CEO Ted Sarandos said in a statement accompanying Tuesday's amended bid. In its note to investors, Netflix said the Warner Bros acquisition will provide it with an even broader and higher-quality selection of movies and shows for its subscribers, while it will be able to offer more personalized, flexible subscription offers with the addition of HBO Max. The company said it obtained commitments for a $59 billion bridge loan on December 4 to support the Warner acquisition. On Monday, it increased the bridge loan commitment by $8.2 billion to support its all-cash $27.75 per share offer.  Netflix also told investors it would pause share buybacks to accumulate cash to help fund the Warner deal. It has already incurred $60 million in costs related to securing financing. In financial results, Netflix reported adjusted per-share earnings of 56 cents for the fourth quarter ended in December, slightly above estimates of 55 cents per share. Netflix forecast continued growth in 2026 and said ad revenue is expected to roughly double. (Reporting by Dawn Chmielewski and Lisa Richwine in Los Angeles; Additional reporting by Zaheer Kachwala in Bengaluru; Editing by Sayantani Ghosh and Matthew Lewis)

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LOS ANGELES, Jan 20 (Reuters) – Netflix exceeded Wall Street's revenue estimates for its holiday quarter, as it crossed 325 million subscribers, the company said on Tuesday. Revenue came in at $12.1 billion for October through December – topping forecasts of $11.97 billion for the quarter, according to analysts surveyed by LSEG. Nielsen reported that Netflix's monthly viewership rose 10% in December, thanks largely to the final season of hit sci-fi series "Stranger Things," which generated 15 billion viewing minutes. Netflix also streamed two National Football League games on Christmas Day and released a third film in the "Knives Out" murder mystery series. Investors remain focused on Netflix's $82.7 billion pursuit of Warner Bros Discovery's studio and other entertainment assets, as it seeks to fend off a hostile bid from Paramount Skydance.  Netflix amended its merger agreement to an all-cash offer for the film and television studios, its extensive content library and major entertainment franchises, including "Game of Thrones," "Harry Potter" and DC Comics' superheroes like Batman and Superman. "Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty," Netflix Co-CEO Ted Sarandos said in a statement accompanying Tuesday's amended bid. In its note to investors, Netflix said the Warner Bros acquisition will provide it with an even broader and higher-quality selection of movies and shows for its subscribers, while it will be able to offer more personalized, flexible subscription offers with the addition of HBO Max. The company said it obtained commitments for a $59 billion bridge loan on December 4 to support the Warner acquisition. On Monday, it increased the bridge loan commitment by $8.2 billion to support its all-cash $27.75 per share offer.  In financial results, Netflix reported adjusted per-share earnings of 56 cents for the fourth quarter ended in December, slightly above estimates of 55 cents per share. Netflix forecasts continued growth in 2026, with revenue of $50.7 billion to $51.7 billion. Ad revenue is expected to roughly double, Netflix said. (Reporting by Dawn Chmielewski and Lisa Richwine in Los Angeles; Editing by Sayantani Ghosh and Matthew Lewis)

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By Dawn Chmielewski LOS ANGELES, Jan 20 (Reuters) – Netflix narrowly exceeded Wall Street's revenue estimates for its holiday quarter, as viewers tuned in for the final season of the hit sci-fi series "Stranger Things," sending its shares down 4% in after-hours trading. The company forecast annual revenue for 2026 modestly ahead of analyst expectations, even as Netflix surpassed 325 million subscribers globally. Revenue came in at $12.1 billion for October through December – topping forecasts of $11.97 billion for the quarter, according to analysts surveyed by LSEG. Nielsen reported that Netflix's monthly viewership rose 10% in December, thanks largely to the final season of hit sci-fi series "Stranger Things," which generated 15 billion viewing minutes. Netflix also streamed two National Football League games on Christmas Day and released a third film in the "Knives Out" murder-mystery series. Netflix crossed 300 million subscribers at the end of 2024. Investors remain focused on Netflix's $82.7 billion pursuit of Warner Bros Discovery's studio and other entertainment assets, as it seeks to fend off a hostile bid from Paramount Skydance.  Netflix amended its merger agreement to an all-cash offer for the film and television studios, its extensive content library and major entertainment franchises, including "Game of Thrones," "Harry Potter" and DC Comics' superheroes like Batman and Superman. "Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty," Netflix Co-CEO Ted Sarandos said in a statement accompanying Tuesday's amended bid. In its note to investors, Netflix said the Warner Bros acquisition will provide it with an even broader and higher-quality selection of movies and shows for its subscribers, while it will be able to offer more personalized, flexible subscription offers with the addition of HBO Max. The company said it obtained commitments for a $59 billion bridge loan on December 4 to support the Warner acquisition. On Monday, it increased the bridge loan commitment by $8.2 billion to support its all-cash $27.75 per share offer.  In financial results, Netflix reported adjusted per-share earnings of 56 cents for the fourth quarter ended in December, slightly above estimates of 55 cents per share. Netflix forecasts continued growth in 2026, with revenue of $50.7 billion to $51.7 billion. Ad revenue is expected to roughly double, Netflix said. (Reporting by Dawn Chmielewski and Lisa Richwine in Los Angeles; Additional reporting by Zaheer Kachwala in Bengaluru; Editing by Sayantani Ghosh and Matthew Lewis)

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