Netflix co-CEO Greg Peters downplays speculation of Warner Bros. Discovery acquisition

Netflix is unlikely to pursue a large-scale media merger any time soon, with co-CEO Greg Peters downplaying speculation that the streaming giant could be interested in acquiring Warner Bros. Discovery (WBD). Speaking at the Bloomberg Screentime conference in Los Angeles on Wednesday, Peters said the company’s focus remains on building its own capabilities rather than growing through major acquisitions.

“We come from a deep heritage of being builders rather than buyers,” Peters said in conversation with Bloomberg’s managing editor for media and entertainment, Lucas Shaw. “One should have a reasonable amount of scepticism around big media mergers. They don’t have an amazing track record over time.”

Addressing the rumours directly, Peters said Netflix’s decisions would continue to be guided by what best supports its growth trajectory. “Our job is to figure out, ‘What is the best way to grow our business?’ If a major acquisition is the best way to grow our business, great. If not, we should do something else,” he said.

His comments follow reports that David Ellison, who recently completed an $8 billion merger between Skydance Media and Paramount Global, is exploring a potential bid for Warner Bros. Discovery. The development has reignited industry speculation about whether other players, including Netflix, might enter the race for the entertainment giant.

When asked about now competing with “the second-richest person in the world”, a reference to Oracle founder Larry Ellison, who helped fund the Skydance-Paramount deal, Peters welcomed the increased competition, calling it “fun” and “invigorating”, though he noted it does not change Netflix’s underlying strategy.

“It’s fun to have some new vigour in the competitive ecosystem,” Peters said. “It’s exciting, keeps everyone on their toes. But it doesn’t change the business fundamentals.”