Netflix CEOs ‘Super-Confident’ of Closing Warner Bros. Discovery Deal

Netflix co-CEOs Ted Sarandos and Greg Peters recently spoke at the UBS Global Media and Communications conference, where they addressed the ongoing speculation surrounding Netflix’s proposed takeover of Warner Bros. and HBO Max. In response to Paramount Skydance’s hostile offer to WBD shareholders, Sarandos and Peters projected confidence in their deal, emphasizing that it would not only benefit shareholders and consumers but also create and protect jobs in the entertainment industry.

One of the major concerns raised by the film community is the potential impact of the acquisition on Warner Bros.’ theatrical release strategies. Sarandos reassured the audience that Netflix is committed to maintaining the studio’s current model, ensuring that theatrical films would continue to be released in the same manner. Additionally, the Netflix chiefs pledged to uphold Warner Bros.’ TV studio’s existing business practices, including selling shows to rival streamers and networks alongside Netflix and HBO Max.

Sarandos emphasized that Netflix’s interest in acquiring Warner Bros. lies in the studio’s strengths, such as its global distribution power and diverse content offerings. He made it clear that Netflix did not intend to diminish the value of Warner Bros., stating, “We didn’t buy this company to destroy that value.” Sarandos highlighted the importance of preserving Warner Bros.’ creative process and driving value through its content.

Overall, Sarandos and Peters reiterated their commitment to maintaining Warner Bros.’ legacy and operating entity, emphasizing that the acquisition would not result in significant changes to the studio’s operations. By addressing key points of opposition and assuring stakeholders of their intentions, Netflix aims to secure approval for the deal and move forward with integrating Warner Bros. into its portfolio.