On the red carpet at the 2026 BAFTAs in London, Ted Sarandos was not shy in discussing with Deadline the current conflict between Warner Bros. Discovery and Netflix. When asked about the current heated exchange of words between Warner Bros. Discovery and Netflix, Ted Sarandos had this very clear message aimed directly at Paramount Global: “Put a better deal on the table.”
Warner Bros acquisition fight intensifies as Ted Sarandos defends Netflix
Currently, there is an existing deal in place with WBD, which will result in Netflix acquiring WBD’s studio assets, along with HBO, with Discovery’s linear networks being spun off. Paramount, however, has been trying to intervene in this deal, preventing it from happening, by putting in its own bid to acquire WBD. According to sources, Ted Sarandos has accused Paramount, along with their associates, of spreading false information, including false claims of regulatory issues and market share issues. According to Ted Sarandos, “We have a signed deal with Warner Bros.; they’re trying to circumvent it. The one thing I would like in this process is, ‘If you wanna try and outbid our deal … just make a better deal. Just put a better deal on the table. Don’t make up stories, don’t spread misinformation about market share. Just put a better deal on the table and see if you can win.“
It is very important that Netflix extend WBD a waiver of only seven days in order to consider Paramount’s offer, which has been termed “best and final” with a deadline of February 23. According to sources, however, this was not an admission of weakness on the part of Netflix, but rather an attempt by Netflix to clarify its own position, in addition to putting pressure on Paramount in order to come up with real numbers with its hostile bid of approximately $31 per share.
At the core of this debate is the financial structure. Netflix claims its offer is based on a relatively low level of leverage and cash, whereas the Paramount offer would place yet another burden on a firm with an existing debt load of approximately $84 billion. Sarandos indicated that, when the actual financials are considered, the alternative bid may not be able to overcome its own limitations. In a lighthearted moment, Sarandos stated, “I like Landman,” referring to the Taylor Sheridan content found on the Paramount+ service. This was an attempt at humor in an environment where the competition and consolidation are so high, and in the current streaming world, the content of an excellent competitor is a relatively small world of the top players. Sarandos was trying to address the filmmaker’s concerns, such as those of James Cameron, who expressed his recent concern about the potential merger with WBD and the potential danger for the filmmaker’s releases. Sarandos stated, “We want to help them win.” This was in reference to the Warner Bros. studio division, making their firm not the competitor but the solution for growth. With the deadline now in place, it is not rhetoric; it is reality, based on the numbers.
