No. Netflix co-CEO Ted Sarandos said the company was not looking for another acquisition to replace its failed Warner Bros. deal, and that Netflix expected growth to remain primarily organic. That is the position he described at Bloomberg Screentime in October 2026—not a promise that Netflix will never make another acquisition.
The Warner Bros. transaction is no longer pending: Paramount completed its takeover of Warner Bros. Discovery on October 6, 2026, with the combined company to be known as Skydance, the Associated Press reported.
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What Sarandos said about Netflix’s next move
At Bloomberg Screentime in Los Angeles, Sarandos said Netflix was not growing as fast as he wanted, but defended the company’s decision not to raise its Warner Bros. offer. Bloomberg reported that Netflix expected to keep growing primarily through its existing business rather than seek a replacement acquisition. His remarks describe Netflix’s strategy at that time; they do not rule out future deals.
Explaining the bid ceiling, Sarandos said: “At our scale, that was the top price point where I thought we could return value to our shareholders with that asset. Any more than that, I thought we’d be taking it into negative territory, even with our scale.” Bloomberg reported the quote from the October 2026 conference.
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He also said, “I think the plan was solid.” Variety reported that Sarandos acknowledged the deal had disrupted the business narrative for investors, the press and others, while arguing that a company must sometimes put that narrative at risk for a move that could benefit the business over the long term.
Why Netflix walked away from Warner Bros.
Netflix had agreed to acquire Warner Bros.’ film and television studios and HBO Max at an enterprise value of about $83 billion, according to Bloomberg. In February 2026, Paramount made a higher offer. Netflix declined to match it, saying the revised price was no longer financially attractive. Sarandos and co-CEO Greg Peters characterized the Warner Bros. assets as a “nice to have” at the right price, not a “must have” at any price.
The price discipline reflected a shareholder-return calculation: Sarandos said Netflix believed that paying more would undermine the value the assets could return, even for a company of Netflix’s scale. This was not a claim that the studio or streaming assets lacked value; it was a judgment that the higher price no longer made sense for Netflix.
Netflix’s bid and Paramount’s completed takeover
The offers differed in scope as well as price. Netflix’s proposed deal targeted Warner Bros.’ studios and HBO Max, while Paramount’s offer covered Warner Bros. Discovery as a whole. Paramount’s takeover was completed on October 6, 2026. The Associated Press reported the completed transaction at $81 billion and said the new Hollywood company would be known as Skydance.
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| Transaction | Scope | Reported value and outcome |
|---|---|---|
| Netflix’s proposed transaction | Warner Bros.’ film and television studios and HBO Max | About $83 billion enterprise value, as reported by Bloomberg; Netflix declined to match Paramount’s higher offer in February 2026. |
| Paramount’s takeover | Warner Bros. Discovery as a whole | $81 billion, as reported by the Associated Press; completed October 6, 2026, with the combined company to be known as Skydance. |
The figures describe different transaction scopes and are not a like-for-like comparison of the same assets. The reports identify Netflix’s figure as enterprise value and AP’s as the value of Paramount’s completed takeover.
What the operating figures say—and what they don’t
Sarandos pointed to engagement and content spending while discussing Netflix’s business. Bloomberg reported that he cited 2% engagement growth in the latest period covered by his remarks. Variety specified 2% year-over-year user-engagement growth in the first half of 2026. Treat the figure as period-specific and attributed to reporting, not as a current growth rate.
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Sarandos also told Bloomberg that about 5% of Netflix’s $20 billion content budget went to live programming. He told Variety that live events generated about 1% of viewing. These are figures he reported, not independent measurements established by the cited coverage.
The figures help explain why Netflix can discuss live programming and other distribution choices without treating a large studio acquisition as essential to its growth plan. They do not establish that Netflix will stop investing in live events or theatrical releases.
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Sarandos told Variety that Netflix had put more than 30 movies in theaters in 2025 and described wider theatrical releases for selected upcoming films. That is evidence of Netflix’s distribution activity, not a term of its proposed Warner Bros. transaction.
In a separate interview filed with the SEC on February 20, 2026, Sarandos said the proposed Warner Bros. deal included 45 days of theatrical exclusivity. Netflix withdrew from the transaction, so that window should be understood only as a term he said applied to the proposal—not as a current Warner Bros. policy or a Netflix-wide commitment.
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