"will be choosy": Netflix co-CEO Ted Sarandos shares his take on recent buyout rumors of Warner Bros. Discovery

The media landscape is once again in the midst of buzz, with rumors swirling about potential buyouts of Warner Bros. Discovery (WBD). On October 21, 2025, it was reported that WBD's board of directors had received unsolicited interest from multiple parties. 

Netflix, Paramount, Skydance, and Comcast were rumored to bid for WBD. Netflix has stated that it is not actively pursuing such an acquisition, which seems less eager than expected.

“We’ve been very clear in the past that we have no interest in owning legacy media networks, so there is no change there. But in general, we believe that we can be and we will be choosy,” Sarandos shared with analysts. 

After Netflix's third-quarter earnings announcement, co-CEO Ted Sarandos was more cautious about the developments. However, his comments on WBD's potential acquisition were meant to reflect Netflix's strategic vision. Sarandos stressed Netflix's preference for organic growth over M&A despite external pressures.

Many Hollywood companies are rethinking their strategies due to changing consumer habits, digital consumption, and rising competition. WBD, which owns HBO, DC Studios, and CNN, is a consolidation target. Netflix, the streaming leader, may play a role in this changing ecosystem. Sarandos's statement complicated media dynamics.

Ted Sarandos shares his vision on Warner Bros. Discovery and Potential Acquisitions

During Netflix's third-quarter earnings call, Ted Sarandos addressed the question of whether the company would pursue a bid for Warner Bros. Discovery. 

Sarandos also added, “Nothing is a must for us to meet our goals that we have for this business.” 

These words made it clear that Netflix is not buying legacy properties or businesses to expand. The company seeks opportunities that support its goals and strategy. Sarandos's comments were not directed at any specific party, but analysts noted that they coincided with WBD's announcement of "unsolicited interest" from various companies.

Despite the speculation, Netflix appears content to let its competitors explore the possibility of consolidations while maintaining its own course. 

“We’re predominantly focused on growing organically, investing aggressively and responsibly into the growth and returning access cash flow to shareholders,” Sarandos further stated. 

His comment reflected Netflix's longstanding opposition to legacy media acquisitions. Sarandos stressed that Netflix will continue to focus on organic growth and not change its mergers and acquisitions strategy.

“None of those mergers were a fundamental shift in the competitive landscape, and we have also seen a wide range of outcomes from such mergers. So watching some of our competitors potentially get bigger via M&A does not change in and of itself, at least our view of the competitive landscape,” Peters explained. 

“Is it a big opportunity? Is there additional value in ownership?” Sarandos asked rhetorically when discussing Netflix’s acquisition philosophy. 

He predicted that Netflix would only acquire when there is clear value. This is measured and thoughtful, unlike some competitors' aggressive strategies. Netflix's leadership seems determined to avoid unnecessary moves that could dilute its core business or brand focus.

The potential sale of WBD has caused a stir, especially since HBO, DC Studios, and CNN are involved. Netflix's refusal to pursue these legacy assets highlights its focus on streaming and original content. Netflix stays strong by focusing on its strengths despite fierce competition from Amazon and Apple. WBD's sale is under question, but Netflix's commitment to original content and diversification suggests it won't be swayed by acquisitions.