Netflix On Why It Gave Up On Buying Warner Bros. - "We Didn't Need It"

A Netflix executive who championed the company's deal to buy Warner Bros. Discovery has now explained why the streaming giant is abandoning plans to buy the Harry Potter and Batman company. Netflix co-CEO Ted Sarandos told Bloomberg that it was an "incredibly unique opportunity" to buy Warner Bros. Discovery, adding that the company "definitely" was serious.

However, "We didn't need it," he said (via Deadline). "We had a very tight range that we'd be willing to pay and made that offer back when we closed this deal."

Sarandos went on to say that Paramount's bidding process was "unusual" and "irrational." Paramount was perceived to be the front-runner to buy WBD in 2025, but Netflix swooped in and announced a definitive agreement with WBD on December 5. Paramount came back with a direct appeal to investors, and, after raising its buyout price and offering numerous incentives, ultimately got the WBD board on February 26 to say Paramount's offer of $31/share for the whole company was superior.