Netflix’s Ted Sarandos calls Paramount’s hostile WBD bid 'expected'

Netflix co-CEO Ted Sarandos has said that Paramount’s hostile bid for Warner Bros. Discovery (WBD) came as “entirely expected,” adding that he remains “super-confident” about completing Netflix’s proposed acquisition.

Speaking at a UBS conference in New York, Sarandos emphasised that Netflix is “incredibly happy” with its agreement to acquire WBD’s studios and streaming division in a deal valued at $82.7 billion, including debt. He described the merger as beneficial for shareholders, consumers and jobs in the entertainment industry.

Paramount’s latest move - a $30-per-share all-cash hostile offer for the entire WBD business - surpasses Netflix’s $27.75-per-share proposal announced last week. The company has presented the bid as pro-consumer and pro-competition, arguing that a Netflix-WBD merger could negatively impact the streaming landscape. Paramount CEO David Ellison has also stressed that an all-cash offer provides greater certainty for WBD shareholders.

Despite the escalating bidding battle, Sarandos reiterated that Netflix remains confident about securing regulatory clearance and finalising the deal.