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Paramount Today
By the People, for the People
Netflix Drops Warner Bros. Bid, CEO Sarandos Calls Paramount's Offer 'Irrational'
Sarandos says Netflix had a set price range and was happy to walk away when Paramount's bid exceeded it.
Published on Mar. 2, 2026
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Netflix CEO Ted Sarandos was upbeat about the company's decision to drop its bid to acquire Warner Bros. Discovery, suggesting that Paramount's winning offer was 'irrational' and that Netflix never needed the legacy studio's assets. Sarandos said Netflix had a tight price range it was willing to pay and was happy to exit the bidding when Paramount's $31 per share offer exceeded that.
Why it matters
The failed acquisition attempt highlights the intensifying competition in the streaming industry as major media companies vie for content and market share. Sarandos' comments suggest Netflix sees opportunities to grow without needing to acquire legacy studios, even as rivals make aggressive bids.
The details
After weeks of competing bids, Paramount Skydance's offer of $31 per share was accepted last Thursday, surprising many. Sarandos said Netflix had a very tight price range it was willing to pay and was content to walk away when Paramount's offer exceeded that. He denied that political resistance or the DOJ investigation played a role, saying Netflix was on a 'normal regulatory path' that it expected to clear easily.
- On Thursday, Netflix received notice that Paramount had a superior offer for Warner Bros. Discovery.
- Last Thursday, Paramount Skydance's $31 per share offer for Warner Bros. was accepted.
The players
Ted Sarandos
The CEO of Netflix who was upbeat about the company's decision to drop its bid for Warner Bros. Discovery.
Paramount
The media company that submitted the winning $31 per share offer to acquire Warner Bros. Discovery.
Donald Trump
The former U.S. president who Sarandos said stayed 'completely neutral' on Netflix's bid and did not try to interfere with the normal regulatory process.
What they’re saying
“We knew right away, when we got the notice on Thursday that [Paramount] had a superior offer and the details of that deal, we knew exactly what we were going to do.”
— Ted Sarandos, CEO (Bloomberg)
“The truth of it is, someone was going to lose it for a dollar. And the quicker you accepted that, the better.”
— Ted Sarandos, CEO (Bloomberg)
“Unusual, yeah, unusual, irrational, whatever words you want to use in that. It'll be fascinating to see the next steps.”
— Ted Sarandos, CEO (Bloomberg)
What’s next
It remains to be seen whether Paramount's deal to acquire Warner Bros. Discovery will be able to clear regulatory hurdles, which Sarandos said 'should be highly scrutinized'.
The takeaway
Netflix's decision to walk away from the Warner Bros. acquisition bid suggests the company sees opportunities to grow without needing to acquire legacy studios, even as rivals make aggressive moves to consolidate content and market share in the streaming wars.
