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Netflix co-CEO shares why they walk away from Warner Bros. Discovery bid

Ted Sarandos says rival Warner Bros bidder was
Ted Sarandos says rival Warner Bros bidder was "unusual, irrational"
3 Mar - Ted Sarandos is not mincing words when he addressed Netflix's previous battle with Paramount Skydance in acquiring Warner Bros Discovery, which ended with his company withdrawing from the bidding war.

Speaking to Bloomberg, the Netflix co-chief CEO agreed to the notion that the company was dealing with "an unusual other buyer," adding the words "irrational" to the mix.

"It'll be fascinating to see the next steps. I have been on the record a lot in the last two weeks talking about what I think the future looks like. I'm confident in our future that we're not impacted by all that. In fact, maybe it's to our advantage. But I hope I'm wrong for the sake of the industry," he said.
Netflix steps away from the Warner Bros bidding war
Netflix steps away from the Warner Bros bidding war
Sarandos also revealed the reason why Netflix finally decided to withdraw from the bid, saying, "We had a very tight range that we'd be willing to pay and made that offer back when we closed this deal. We hadn't moved much from that, except for moving to cash, which served to move the deal faster. I'm happy where we got in and happy where we got out. We knew right away, when we got the notice on Thursday that they had a superior offer and the details of that deal. We knew exactly what we were going to do."

He added that while Netflix wanted WBD, it didn't "need" it.

Netflix, he said, will use the USD 2.8 billion termination fee PSKY offered to pay to just keep investing in the business.
Paramount's David Ellison and dad Larry Ellison are known to have mega influence over media
Paramount's David Ellison and dad Larry Ellison are known to have mega influence over media




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