Key Points
- Netflix’s co-CEOs have promised no studio closures if their bid for Warner Bros. is successful.
- Netflix is in a bidding war with Paramount, which has made a hostile $108 billion offer.
- The executives are trying to ease fears of job losses and the end of theatrical movie releases.
- They now say they are committed to releasing Warner Bros. movies in theaters.
Netflix’s top executives are trying to calm fears in Hollywood as they negotiate a major deal to acquire most of Warner Bros. In a letter to employees, co-CEOs Greg Peters and Ted Sarandos promised that their takeover would not result in any studio closures or job losses due to business overlap.
The streaming giant is currently in a high-stakes battle for one of Hollywood’s most iconic studios. Netflix has an $82.7 billion deal on the table to buy Warner Bros.’s streaming and studio assets, including the legendary HBO. However, rival Paramount has launched a $108 billion hostile bid for the entire company, setting up a dramatic showdown.
As the industry nervously watches, the Netflix chiefs are trying to make their case. “This deal is about growth,” they wrote, pushing back against concerns that a merger would lead to mass layoffs in an industry already struggling with the rise of streaming and AI.
“We’re strengthening one of Hollywood’s most iconic studios, supporting jobs, and ensuring a healthy future for film and TV production.”
The executives also addressed a major fear: that Netflix would kill the theatrical movie experience. They committed to releasing Warner Bros. films in theaters, a significant change of heart for a company whose leadership once called going to the cinema “outdated.”
The fight is far from over. Both bids will face intense scrutiny from government regulators, and politicians are already sounding the alarm about potential monopolies. But for now, Netflix is doing everything it can to paint itself as a savior, not a destroyer, of Hollywood.
