Netflix Co-Chief Greg Peters Says Warner Bros. Acquisition Bid Discovery is unlikely
Netflix co-CEO Greg Peters strongly downplayed recent speculation that the streaming giant might be interested in a bid for Warner Bros. Discovery.
“We come from a deep heritage of being builders rather than buyers,” the executive said at the Bloomberg Screentime conference in Los Angeles. “We have to show a certain skepticism towards major media mergers. They do not have an exceptional track record over time.”
Paramount, which just merged with Skydance Media, has been considering making a bid for Warner Bros. in recent weeks. Discovery, although no offer has yet materialized. That, in turn, sparked a round of speculation about other bidders potentially entering the arena, given the vast array of marquee properties and brands under the Warner tent.
Many on Wall Street, however, pointed to the high cost of WBD, including its heavy debt load, and questioned whether anyone else would have the appetite to spend more than $70 billion to end up with less desirable assets like linear cable television networks. WBD announced plans to split into two companies next April, separating the streaming and studio networks.
Growing speculation in recent days, as Deadline reported earlier Wednesday, is that WBD CEO David Zaslav may have helped amplify the Netflix storyline, as it would potentially allow him to remain in a powerful position. A Paramount-WBD combination would likely leave him without a major executive role.
Asked if the chances of a proposal were low, Peters said: “Yes. Our job is to figure out what is the best way to grow the business. We have to think very carefully about how we invest our capital and our time and our attention? And if that’s the best way to do it, great. And if it’s not, we should do something else.”
Peters later announced that the company’s 3-year-old video game initiative would be coming to the living room. A range of social games, including Boggle, are to be added to the main user interface, with mobile phones serving as controllers.
Pressed to talk about live sports, Peters said the company tries to stay “disciplined.” Although a multi-year deal with the NFL for a Christmas Day doubleheader has already attracted viewers, the executive said the company is unlikely to bid on the rights in 2029, when they will likely be available. “It doesn’t really fit our strategy,” he said. “We want to be disciplined” and seek a more personalized set of live event rights.
