Netflix Co-CEO Greg Peters heavily downplayed recent speculation that the streaming giant could be interested in bidding on Warner Bros. Discovery.
“We come from a deep heritage of being builders rather than buyers,” the exec said during the Bloomberg Screentime conference in Los Angeles. “One should have a reasonable amount of skepticism around big media mergers. They don’t have an amazing track record over time.”
Paramount, fresh off its merger with Skydance Media, has looked in recent weeks at making an offer for Warner Bros. Discovery, though a bid has not yet materialized. That, in turn, has kicked off a round of speculation about other bidders who could potentially enter the arena given the vast array of marquee properties and brands under the Warner tent.
Many Wall Streeters, however, have pointed out the steep cost of WBD, including its heavy debt load, and wondered if anyone else would have the appetite to spent upwards of $70 billion to end up with less-prized assets like linear cable TV networks. WBD has announced plans to split into two companies next April, separating networks from streaming and studios.
Growing speculation in recent days, as Deadline reported earlier Wednesday, is that WBD CEO David Zaslav could have had a hand in amplifying the Netflix scenario, as it would enable him to potentially remain in a powerful post. A Paramount-WBD combination would likely leave him without a major executive role.
Asked if the odds are low of a proposal, Peters replied, “Yeah. Our job is to figure out what is the best way to the grow the business. We have to think really carefully about how we invest our capital, 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 is coming to the living room. A range of social games, including Boggle, are going to be added to the main user interface, with mobile phones serving as controllers.
Pressed about live sports, Peters said the company is trying to remain “disciplined.” While a multi-year discount with the NFL for a Christmas Day doubleheader has already proven a viewer draw, the exec said the company is unlikely to bid on rights in 2029 when they likely will become available. “It doesn’t really fit with our strategy,” he said. “We want to be disciplined” and pursue a more bespoke set of live event rights.
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