Netflix Weighs In as Paramount Preps Warner Bros. Takeover Bid

Paramount tried to crash Netflix's Warner Bros. party today. Netflix basically shrugged and said: saw it coming.

What Netflix actually said

At a packed UBS conference in New York, co-CEOs Ted Sarandos and Greg Peters sounded calm, not rattled, about Paramount's hostile swing at Warner Bros. Sarandos framed it as an expected beat in a messy merger dance, then pivoted right back to Netflix's own agreement, which he says is already in place and better for everyone involved.

'Today's move was entirely expected.'

From there, the pitch was clear: Netflix thinks its deal is cleaner, more stable, and more likely to close. They talked up benefits for shareholders and consumers and even made a point to say it protects jobs in the industry. Translation: they want investors, regulators, and the rest of Hollywood to see their plan as the safe pair of hands, especially compared to Paramount's sudden bid.

Regulators will have questions, and Netflix knows it

Peters tried not to sound like he was telling Washington what to do. He said it is not Netflix's place to instruct regulators on how to think about the merger, but he stressed they believe the deal should get approved because, in their view, it is ultimately good for consumers. That was the drumbeat: consumer upside, economic upside, industry stability.

So what would Netflix actually do with Warner Bros. and HBO?

Sarandos laid out a steady-as-she-goes plan rather than a teardown. He specifically said they want to keep Warner Bros.' theatrical film machine intact and invest in it, not gut it. And on HBO, he pitched a return-to-core idea: let the brand lean harder into the prestige lane it built over decades, with Netflix positioned as the platform that gives HBO room to specialize again.

• Keep Warner Bros.' theatrical film division running and protect its value
• Invest for stability rather than overhaul
• Let HBO double down on the prestige programming people have loved for roughly 50 years
• Frame the deal as good for consumers, creators, and shareholders to ease regulatory and investor nerves

The closer

Before wrapping, Sarandos aimed straight at the money crowd, calling the Netflix-Warner Bros. agreement good for shareholders, good for consumers, and good for creators. Whether that confidence holds once regulators and Paramount really dig in is the big question. But for now, Netflix is treating Paramount's move like a speed bump, not a roadblock.