Netflix co-CEO downplays WBD rumours

Netflix co-chief executive Greg Peters has dampened speculation that the global streamer could buy Warner Bros Discovery by pointing to his “scepticism around big media mergers”. 

Peters, who was talking at Bloomberg Screentime in LA, suggested the streamer will not be looking to make a major acquisition following reports that Paramount Skydance is exploring a deal for WBD. 

That prompted market chatter that Netflix could also enter the fray but Peters said his company “comes from a deep heritage of being builders rather than buyers”. 

“One should have a reasonable amount of sceptisicm around big media mergers, they don’t often have an amazing track record over time. 

“Our job is to figure out what the best way to the grow our business is,” he said, adding that the company had “to think really carefully” about how to invest its capital. 

“If [a big acquisition] is the best way to grow, great. And if not, we should do something else.” 

Reports that Paramount Skydance is looking to make a move for WBD emerged a month ago and sent both companies’ shares soaring.  

Paramount Skydance only debuted on the market in August following a year-long merger process, but the Ellison-led firm has moved quickly since - unveiling its senior team, striking a $7bn deal for UFC rights and detailing plans to save $2bn. A formal WBD approach has yet to be made, however. 

Peters, meanwhile, also discussed Netflix’s ongoing games strategy, which launched in 2021. The latest moves will see the company launching “party game” products such as Boggle, which can be played by multiple players using mobile phones.