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Ted Sarandos and Greg Peters Open Up on Why Netflix Walked Away From WBD

Sarandos and Peters framed the outcome not as a missed opportunity, but as an exercise in restraint—one they believe could prove prudent if Ellison struggles to absorb the cost of victory.

After months of bidding that began in December, the contest between Netflix and Paramount Skydance for control of Warner Bros. Discovery came to a dramatic close on Feb. 26, when Netflix formally withdrew, clearing the way for David Ellison’s Paramount to acquire all of WBD for $111 billion. In interviews this week, Netflix co-CEOs Ted Sarandos and Greg Peters reflected on the loss, striking a notably unsentimental tone. Both suggested Paramount had overpaid and warned that the financial strain of the deal could reverberate across Hollywood.

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