Warner Bros. Discovery Staffers Favor Netflix Takeover Over Paramount Acquisition

Most employees now see Netflix as the preferable buyer, though concerns remain about the future of theatrical distribution.

Published on Feb. 26, 2026

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According to sources, the mood among Warner Bros. Discovery staffers has shifted in favor of Netflix's proposed acquisition of the company's studios and HBO Max, rather than a takeover by Paramount Skydance. While there are still pockets of skepticism, particularly around the future of theatrical distribution, many employees believe Netflix would be a better fit and would keep the Warner Bros. brand and operations more intact compared to Paramount's cost-cutting approach.

Why it matters

The potential sale of Warner Bros. Discovery is a high-stakes decision that will have major implications for the future of the entertainment industry, including the balance between streaming and theatrical distribution. The views of Warner Bros. Discovery's own employees provide valuable insight into the pros and cons of each potential buyer.

The details

Initially, there was division among Warner Bros. Discovery employees about whether Paramount or Netflix would be the better owner. Some at HBO thought HBO Max would fare better under Paramount, while Warner Bros. studio staff feared Netflix would shift strategy to feed its own streaming service. However, Paramount's cost-cutting and layoffs at recently acquired companies have made many WBD staffers wary of a Paramount takeover. In contrast, Netflix's assurances about keeping the Warner Bros. brand and operations largely intact have won over many employees, including those in the film division who were initially skeptical about Netflix's commitment to theatrical distribution.

  • In September 2025, news of Paramount's interest in acquiring Warner Bros. Discovery emerged.
  • On December 5, 2025, Netflix announced a deal to acquire Warner Bros. studios and HBO Max.
  • On December 17, 2025, Netflix co-CEOs Ted Sarandos and Greg Peters visited the Warner Bros. studio lot and addressed employees in a town hall-style meeting.
  • Warner Bros. Discovery is set to hold its Q4 2025 earnings call on February 26, 2026, when the sale process could still be unresolved.
  • The negotiating window with Paramount ends on February 23, 2026.

The players

Ted Sarandos

Co-CEO of Netflix who has worked to win over many Warner Bros. Discovery staffers with assurances and a vision for how Netflix plans to operate the combined company.

Greg Peters

Co-CEO of Netflix who has worked to win over many Warner Bros. Discovery staffers with assurances and a vision for how Netflix plans to operate the combined company.

David Zaslav

Chief Executive Officer of Warner Bros. Discovery who hosted Sarandos and Peters on their visit to the Warner Bros. studio lot.

David Ellison

Founder and CEO of Paramount Skydance, which has made a bid to acquire Warner Bros. Discovery.

Bari Weiss

Editor-in-Chief of CBS News, whose leadership has raised concerns among some Warner Bros. Discovery employees about Paramount's potential acquisition of the company.

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What they’re saying

“Ted and Greg really worked at it. They spoke directly about their intentions and why they wanted it. That put a lot of people in a better place about it.”

— A WBD executive (Variety)

“Even HBO seems to be at peace with Netflix more than it was at the beginning. HBO execs realized they could follow John Landgraf's model of FX (housed within the Disney Entertainment division) of being a prestige, stand-alone brand inside the new company, for example.”

— An insider (Variety)

“To watch CBS News crumble is disconcerting when Paramount is trying to come in and buy Warner Bros. Discovery including CNN.”

— A CNN source (Variety)

What’s next

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The takeaway

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