Netflix co-CEO Greg Peters shaded big media mergers as not having an “amazing track record” amid reports that the company might bid on Warner Bros. Discovery.
“One should have a reasonable amount of skepticism around big media mergers — they don’t have an amazing track record over the history of time,” Peters said Wednesday evening at Bloomberg’s annual Screentime conference in Los Angeles, dismissing the prospect of submitting bid. “We come from a deep heritage of being builders rather than buyers.”
Still, Peters noted that it was Netflix’s “responsibility to evaluate our options” when it comes to the potential of an acquisition. “Our job is to figure out what’s the best way to grow our business, and we have to think really carefully, ‘how do we invest our capital, our time and our attention?’” Peters said. “And if that’s the best way to do it, great, and if it’s not, then we should do something else.”
As for whether the NFL might be a worthwhile acquisition for Netflix once the league has the option to exit its current deals in 2029, Peters said the NFL “doesn’t really fit with our strategy as we understand it right now.”
“We think about what we’re doing as an events strategy, and turns out … sports are big events … and so we can plug those into that strategy, but we also want to make sure that we’re being really, really disciplined about … are we buying, are we investing in ways that are profitable for the business and some of the big league sports things?” Peters said. “We don’t actually have a way to figure out that math.”
When asked about being outbid for the UFC by Ellison-backed Paramount in a $7.7 billion deal that brings the league to Paramount and CBS in January 2026, Peters responded: “Go with God.”
“We are constantly dealing with situations where our competitors outbid us, and what I try and remember with our team is we should bid up to the point where we think it’s going to deliver back value, back to business,” he said. “If somebody outbids us, I say you should applaud and say, ‘Go with God’ and try and monetize the heck out of that.”
