Will Netflix Bid for WBD? Co-CEO Greg Peters Says ‘Big Media Mergers Don’t Have an Amazing Track Record’

Will Netflix Pursue a Large-Scale Media M&A Play? Unlikely, Says Co-CEO Greg Peters

Greg Peters, co-CEO of Netflix, recently addressed rumors circulating about the company’s potential interest in making a bid for Warner Bros. Discovery. Speaking at the Bloomberg Screentime conference in L.A., Peters emphasized Netflix’s history of being builders rather than buyers. He expressed skepticism about major media mergers, noting that they often do not have a successful track record over time. Peters highlighted the importance of evaluating the best ways to grow the business, whether through acquisitions or other strategies.

The speculation about Netflix’s potential interest in Warner Bros. Discovery arose following reports of David Ellison considering a bid to acquire the company. When asked about competing with Paramount Skydance, Peters acknowledged the new vigor in the competitive ecosystem but emphasized that it does not change the business fundamentals. He also discussed Netflix’s approach to content rights bidding and the company’s focus on finding the largest global audience for creators.

In addition to addressing competition from platforms like YouTube, Peters announced Netflix’s expansion of games available on TVs, including a new slate of “party games” set to launch this holiday season. He gave Netflix’s games initiative a “B-” grade and compared the current situation to the company’s early days in Japan. Peters also discussed the success of Netflix’s streaming-first distribution strategy, citing the animated hit “KPop Demon Hunters” as an example.

While billionaire Elon Musk recently initiated a “cancel Netflix” campaign over perceived biases in the platform’s content, Peters did not directly address the initiative. He emphasized Netflix’s commitment to creating content for a diverse global audience, even if it may not appeal to everyone. Peters also provided insights into Netflix’s financial performance, including surpassing Wall Street expectations in revenue and earnings for the first two quarters of the year.

As Netflix continues to navigate the evolving media landscape, Peters’ leadership as co-CEO alongside Ted Sarandos underscores the company’s focus on innovation and growth. With a revised revenue forecast for 2025 and a strategic approach to content creation, Netflix remains a key player in the streaming industry.