Netflix co-CEO Ted Sarandos accused Paramount of spreading confusion among Warner Bros. Discovery shareholders during a CNBC interview on February 17, 2026. This comes as Warner Bros. Discovery opens seven days of negotiations with Paramount following a waiver from Netflix. Sarandos expressed confidence in Netflix's proposed $82.7 billion acquisition deal.
Netflix co-CEO Ted Sarandos addressed the ongoing battle for Warner Bros. Discovery (WBD) in a CNBC interview on February 17, 2026, criticizing Paramount's rival bid led by David Ellison. Sarandos accused Paramount of "flooding the zone with confusion for shareholders," including floating hypothetical offers and bypassing the WBD board to appeal directly to investors.
In December 2025, Netflix finalized a proposed $82.7 billion deal to acquire WBD's studios and streaming unit. Paramount has submitted multiple hostile bids for the entire company, prompting WBD's board to seek a seven-day negotiation window from Netflix, which was granted to provide shareholders with "complete clarity and certainty about what the value of these deals are." Sarandos described this as an opportunity for Paramount to "put their money where their mouth is."
Shareholders are scheduled to vote on the Netflix proposal on March 20, 2026. Sarandos noted that while unions and others in Hollywood prefer no deal amid recent industry cutbacks, the WBD board determined selling the assets serves long-term interests. He contrasted Netflix's approach, which he said would sustain and grow film production, with past mergers like Disney-Fox, where output dropped from 33 to 20 movies annually. Sarandos argued Paramount's bid would lead to a similar "bad outcome."
On regulations, Sarandos asserted Netflix faces no unique hurdles, competing broadly with platforms like YouTube, which holds 13% of U.S. TV viewing compared to Netflix's 9% and an estimated 10% post-acquisition. He dismissed Paramount's claims of a faster approval path, stating Netflix is a "known entity and trusted entity" globally, particularly in Europe, without disrupting broadcast systems.
The talks follow Paramount's indication it could raise its $30 per share bid, though Sarandos avoided specifics, emphasizing the board's continued endorsement of the Netflix deal.
