As Netflix’s $82.7 billion bid for Warner Bros. Discovery ignites industry panic, Ted Sarandos and Greg Peters step out to calm filmmakers, exhibitors and Wall Street.
Hollywood is officially on edge — and Netflix knows it.
Just hours after Paramount Skydance triggered fresh chaos with a hostile tender offer to Warner Bros. Discovery (WBD) shareholders, Netflix co-CEOs Ted Sarandos and Greg Peters took the stage at the UBS Global Media and Communications Conference to do damage control. The message was loud, clear and carefully crafted: Netflix is not here to dismantle Warner Bros., kill theatrical cinema, or wipe out jobs.
In fact, Sarandos insisted the exact opposite.
Calling Netflix’s massive $82.7 billion acquisition of Warner Bros. Discovery “entirely expected,” the streaming giant’s top brass projected unshakeable confidence — and directly addressed the fears currently rippling through Hollywood’s creative community.
“We have a deal done, and we are incredibly happy with the deal,” Sarandos said. “It’s great for our shareholders, great for consumers, and a great way to create and protect jobs in the entertainment industry.”
Those words weren’t accidental. They were aimed squarely at filmmakers, studio employees, exhibitors and talent agencies worried that Netflix’s takeover could radically reshape how Warner Bros. movies are made, released and monetized.
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Hollywood’s biggest fear: the death of theatrical releases
The moment Netflix formally announced its plan to acquire Warner Bros., the film industry braced for impact. The biggest concern? That Netflix would shrink theatrical windows or convert Warner Bros. — one of Hollywood’s most storied studios — into a streaming-first content factory.
Sarandos moved quickly to shut that down.
“We didn’t buy this company to destroy that value,” he said bluntly.
According to Sarandos and Peters, Netflix plans to keep Warner Bros.’ theatrical strategy exactly as it is today. That means major tentpoles, prestige films and box office plays will continue to enjoy full theatrical runs — not rushed streaming premieres.
“If we did this deal 24 months ago,” Sarandos explained, “all those movies we saw this year do so well at the box office would have been released in the same way.”
He specifically name-checked recent and upcoming Warner Bros. titles like Minecraft, Superman, Weapons and Sinners, signaling that Netflix understands — and respects — the studio’s theatrical DNA.
For exhibitors and filmmakers alike, that reassurance matters. Warner Bros. isn’t just another content label; it’s a cornerstone of the global theatrical ecosystem.
Why Netflix really wants Warner Bros.
Despite public anxiety, Sarandos was candid about Netflix’s motivations. The company isn’t chasing Warner Bros. for nostalgia or prestige alone — it wants scale, infrastructure and global reach.
Netflix, he emphasized, is buying Warner Bros. because it works.
“We’re acquiring Warner Bros. for its strengths as a studio,” Sarandos said, pointing to its global distribution power, creative pipelines and ability to sell content across multiple platforms.
That’s a key distinction. Unlike Netflix Originals, which live almost exclusively within Netflix’s ecosystem, Warner Bros. operates as a massive content supplier — selling shows and films to rival streamers, broadcast networks and international buyers.
And Netflix says it has no intention of changing that.
HBO Max, rival streamers and business as usual
One of the more surprising assurances from Sarandos and Peters concerned Warner Bros.’ television studio. Rather than folding everything into Netflix, the co-CEOs promised to maintain Warner Bros.’ long-standing practice of selling shows externally.
That means Warner Bros. TV content will still land on rival platforms — even competitors to Netflix and HBO Max.
For industry insiders, this was a crucial signal. It suggests Netflix understands the long-term value of Warner Bros. as a diversified studio, not just a streaming content mill.
“We’re deeply committed to the way they create and the way they drive value,” Sarandos said.
Translation: Netflix doesn’t want to break the machine — it wants to own it.
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The timing couldn’t be more dramatic
The Netflix executives’ appearance came at a particularly volatile moment. Earlier the same day, Paramount Skydance launched a hostile offer to WBD shareholders, adding another layer of uncertainty to an already fragile media landscape.
Against that backdrop, Sarandos’ calm, almost casual confidence felt intentional. Netflix isn’t acting defensive — it’s acting dominant.
“We’re super confident we’re going to get it across the line and finish,” Sarandos said, signaling that Netflix sees regulatory hurdles, industry backlash and rival bids as manageable obstacles, not deal-breakers.
Jobs, jobs, jobs — Netflix’s most strategic promise
Perhaps the most politically savvy part of Sarandos’ message centered on employment.
As studios consolidate, layoffs have become the industry’s unspoken expectation. Netflix leaned hard into the opposite narrative, repeatedly emphasizing job creation and job protection.
“It’s a great way to create and protect jobs in the entertainment industry,” Sarandos said.
Whether that promise holds remains to be seen. But strategically, it positions Netflix as a stabilizing force rather than a disruptor — a notable shift for a company once blamed for upending Hollywood’s traditional business model.
A cultural reckoning for Netflix
This deal, if finalized, represents more than a corporate acquisition. It’s a cultural turning point.
Netflix built its empire by challenging Hollywood’s rules. Warner Bros. represents those rules — theatrical releases, legacy franchises, studio power structures and long-standing creative relationships.
By vowing to preserve Warner Bros.’ operating model, Netflix is effectively admitting that the old system still matters.
And perhaps more importantly, still makes money.
What happens next?
Regulatory scrutiny, shareholder responses and competitive maneuvering are far from over. The Paramount Skydance move alone ensures this story is just beginning.
But for now, Netflix has made its stance clear: Warner Bros. won’t be gutted, theatrical cinema won’t be sidelined, and Hollywood jobs — at least in theory — are safe.
Whether the industry believes that promise is another question entirely.
One thing is certain: If Netflix successfully absorbs Warner Bros. Discovery, it won’t just be the biggest media deal in recent history — it will redefine who truly controls Hollywood’s future.
And Ted Sarandos knows it.
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