Netflix has once again made its position clear: it has no interest in buying Warner Bros. Discovery, even as Hollywood braces for another major wave of consolidation.
Speaking to analysts during Netflix’s Q3 earnings call, co-CEOs Ted Sarandos and Greg Peters dismissed speculation that the streaming giant might enter the bidding fray.
A screenshot from the trailer to Frankenstein on Netflix – YouTube, Netflix
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“Nothing is a must for us to meet the goals we have for the business,” said Sarandos.
He continued, saying: “We have no interest in owning legacy media networks, so there is no change there.”
Sarandos’ remarks came just hours after Warner Bros. Discovery’s board confirmed it had received “unsolicited interest from multiple parties” and was reviewing “strategic alternatives” that could include splitting into two separate companies — Warner Bros. and Discovery Global — or selling portions of its business.
Netflix Chooses Independence Over Empire
While Wall Street has floated names like Paramount Skydance, Comcast, and Netflix as possible bidders for Warner Bros. Discovery, Sarandos and co-CEO Greg Peters seem content to remain independent.
“We’re predominantly focused on growing organically, investing aggressively and responsibly into the growth and returning access cash flow to shareholders,” Sarandos said.
A scene from the teaser trailer for Stranger Things 5 – YouTube, Netflix
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Peters then referenced recent big studio mergers, stating: “None of those mergers were a fundamental shift in the competitive landscape, and we have also seen a wide range of outcomes from such mergers. So watching some of our competitors potentially get bigger via M&A does not change in and of itself, at least our view of the competitive landscape,”
Both executives emphasized that Netflix’s focus is on organic growth, not acquiring aging networks or studios. This falls in line with an earlier statement by Peters when he described Netflix as being “builders, not buyers.”
That message sent a clear signal: Netflix is not in the business of rescuing old Hollywood empires.
Why It Matters
This Netflix stance narrows the potential buyer pool for Warner Bros. Discovery. With Skydance’s second bid recently rejected and Comcast facing regulatory challenges, WBD’s options are tightening. The move also reinforces Netflix’s strategic identity — a tech-driven content powerhouse that has no desire to inherit legacy cable baggage or the debt that comes with it.
Paramount Skydance CEO David Ellison being interviewed – YouTube, CNBC Television
Analysts now see the WBD review process as a two-horse race between David Ellison’s Paramount Skydance and Comcast, though neither has yet presented a winning offer. Meanwhile, WBD CEO David Zaslav continues to play the long game, aiming for higher valuations and possible asset-specific sales rather than a full takeover.
The Big Picture
If Netflix holds its ground, the next Hollywood reshuffle could come down to traditional players rather than Silicon Valley streamers. Sarandos’ repeated rejection of legacy media signals a philosophical divide: Netflix believes its future lies in building content, not buying history.
WBD CEO David Zaslav Speaks at a New York Times event – YouTube, New York Times Events
And with WBD’s board making it clear that multiple parties are still circling, Zaslav may have to decide soon whether to take the best deal available — or bet that holding out for 2026’s corporate split will bring a higher payday.
Do you think Netflix is serious about not buying Warner Bros.? Sound off in the comments and let us know!
