The Town with Matthew Belloni Netflix CEO Ted Sarandos Makes the Case for Buying Warner Bros.
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Feb 18, 2026 
Ted Sarandos, Co-CEO of Netflix and a streaming veteran, makes the case for Netflix’s bid for Warner Bros. He explains reopening the sale, defends the bidding process, and discusses theatrical windows, marketing commitments, and preserving HBO’s identity. He also contrasts Netflix’s clean financing with leveraged bids and addresses regulatory and industry impact.
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Netflix Followed The Rules And Won
- Sarandos insists Netflix's offer met the bid criteria and won by following the rules.
- He emphasizes the Warner board continues to endorse Netflix's proposal over Paramount's.
The Market Is Broader Than SVOD Alone
- Sarandos rejects the idea that a combined Netflix+Warner kills competition, citing a broad, diverse entertainment market.
- He points to growing ad-supported platforms and theatrical options as alternative buyers.
Wuthering Heights Example Of Creator Choice
- Sarandos cites Wuthering Heights as an example where Warner won a film despite Netflix offering more.
- He uses it to show creators can choose theatrical partners over higher streamer bids.