Netflix's co-CEOs found themselves in an unusual position after the ​company's latest earnings report: on the backfoot.

Netflix stock, already down 15% since the announcement of the Warner Bros. bid, fell further after the company announced it would pause stock buybacks.

Netflix is now offering to buy Warner Bros. Discovery’s studio and streaming business in all cash — in an effort to win over the Hollywood giant’s shareholders for its $72 billion merger and potentially thwart a hostile bid from Skydance-owned Paramount.

Netflix beat Wall Street's revenue and earnings estimates for its holiday quarter on Tuesday (January 20), 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.

Netflix's engagement is barely growing now. Netflix (NASDAQ: NFLX) announced its blockbuster acquisition of Warner Bros. Discovery (NASDAQ: WBD) on Dec. 5. Since then, the stock is down 20%, including an after-earnings sell-off on Tuesday.

The streamer's co-CEO Ted Sarandos is now promising 45-day windows for Warner Bros.' films should its acquisition be completed.

Netflix is now offering to buy Warner Bros. Discovery’s studio and streaming business in all cash — in an effort to win over the Hollywood giant's shareholders for its $72 billion merger and potentially thwart a hostile bid from Skydance-owned Paramount.

Here are some of the stocks making notable moves in Wednesday's premarket action: Netflix shares are down more than 5% after the streaming giant [beat earnings expectations](