Netflix (NFLX) spent the past two years defending its lead with price hikes and a password-sharing crackdown.
The next phase looks different
The streaming giant is among several companies in early talks to acquire Letterboxd. Letterboxd is a social platform where film fans connect and review movies. That single detail tells investors something the company rarely says out loud.
Netflix is shopping again, and it is aiming at the part of the business it has been weak in: helping people decide what to watch. NFLX shares have struggled all year, trading near $74.58 and down about 18% in 2026. Therefore, every capital decision now gets extra scrutiny before the company reports its second-quarter results on July 16.