Netflix CEO denies pursuing Warner Bros. acquisition

New Delhi: Netflix has dismissed reports that it is planning to acquire Warner Bros. Discovery, following speculation that the streaming company was preparing a bid for the Hollywood studio. 

The rumours, which also mentioned Paramount as a potential suitor, had sparked discussion over possible consolidation between traditional studios and streaming platforms.

Speaking at the Bloomberg Screentime Conference on Wednesday, Netflix CEO Greg Peters said there was no truth to suggestions that the company was pursuing Warner Bros., though he did not rule out acquisitions entirely in the future. 

Peters noted that Netflix’s focus is on evaluating all options and deciding the best way to grow the business while being careful with investments of capital, time, and attention (Bloomberg).

The initial report came from Puck News, which cited unnamed insiders claiming Netflix was considering a bid. The speculation followed a separate report that Paramount CEO David Ellison was interested in acquiring Warner Bros., particularly after the studio’s strong box-office performance over the summer.

Warner Bros. remains one of Hollywood’s major legacy studios, while Netflix, which played a pivotal role in the streaming revolution with series like House of Cards, Orange Is the New Black, and Stranger Things, faces increasing competition from rival platforms including Disney+, Amazon Prime Video, and newer entrants.

Peters acknowledged that Netflix is operating in a more challenging market compared with previous years and expressed concern over engagement levels not meeting expectations. Analysts suggest that acquiring Warner Bros. and its extensive content library could enhance Netflix’s offerings and viewer engagement. 

However, Peters’ remarks indicate that the company is prioritising sustainable growth and strategic investment over large-scale mergers at present.