Netflix Co-CEOs Greg Peters and Ted Sarandos have stressed their belief that the streamer’s planned $83bn acquisition of Warner Bros Discovery will go ahead, despite a hostile bid from Paramount Skydance.
In a memo to employees this week, Peters and Sarandos described their planned acquisition of Warner Bros Discovery (WBD) as “a win for the entertainment business.”
The executives set out their case for the acquisition amid widespread concern of job losses and the negative impact on cinemas if the deal goes ahead. It comes amid growing concerns of heavy regulatory scrutiny.
In their memo, Peter and Sarandos argued the Netflix deal is about growth: “Warner Bros. brings businesses and capabilities we don’t have, so there’s no overlap or studio closures. We’re strengthening one of Hollywood’s most iconic studios, supporting jobs, and ensuring a healthy future for film and TV production.”
The hostile bid from Paramount was “entirely expected,” they stated, adding they were confident the Netflix deal would get over the finish line.
“The fundamentals are clear: this deal is pro-consumer, pro-innovation, pro-worker, pro-creator, and pro-growth. Also, if you look at it through the lens of Nielsen data, even after combining with Warner Bros., our view share would only move from 8% to 9% in the US – still well behind YouTube (13%) and a potential Paramount/WBD combination (14%).”
They added that they made the deal because of WBD’s “deep portfolio of iconic franchises, expansive library, and strong studio capabilities will complement – not duplicate – our existing business.”
The execs said they would be “fully committed” to preserving theatrical releases as part of WBD’s distribution model, despite concerns that Netflix would prioritise streaming releases. “We haven’t prioritised theatrical in the past because that wasn’t our business at Netflix. When this deal closes, we will be in that business,” said Peters and Sarandos.
Netflix posted $10.5bn in revenue in the first three months of 2025, marking the first quarter it hasn’t disclosed quarterly subscriber figures. Discover more here.
BBC appoints Rhodri Talfan Davies as Interim Director General
The BBC Board has confirmed that Rhodri Talfan Davies will act as Interim Director-General, after Director-General Tim Davie officially stands down on 2 April 2026. In doing so, the organisation has revealed that the process to appoint a new Director-General is underway.
Sky unveils plans for major redevelopment of Livingston campus
Sky has confirmed plans for a major investment in an expanded Scottish office in Livingston, having submitted a full planning application.
Christian Vesper steps down as Fremantle’s global drama and film CEO
Christian Vesper is to step down from his position as CEO of Global Drama and Film at production and distribution group Fremantle.
WPP launches single global production platform
Ad agency group WPP has launched a single production brand, WPP Production, to house its global production capabilities and teams.
Base FX opens London studio
Base FX, one of Asia's leading visual effects and animation studios, has opened a London studio as part of a strategic expansion into the European market.
