Bloomberg Tech Bonus: Netflix co-CEO Ted Sarandos Says Warner Deal to Put More Films in Cinemas
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Feb 19, 2026 
Ted Sarandos, co-CEO of Netflix and longtime entertainment exec, discusses Netflix’s bid for Warner Bros. Discovery. He explains why the deal would send more films to theaters using Warner’s distribution. He also covers strategy behind the bid, regulatory scrutiny, union commitments, and how HBO availability and pricing could change.
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Acquisition As A Long-Term Accelerant
- Ted Sarandos argues Netflix's acquisition of Warner assets leverages 100 years of IP with Netflix's consumer model to maximize returns.
- He frames the deal as a long-term accelerant that future-proofs Netflix's business.
Regulatory Risk Is Manageable
- Sarandos says regulatory and execution risks are normal and manageable for this deal.
- He points to Netflix's history of successful pivots like advertising and live events as evidence of execution capability.
Commit To Theatrical Windows
- Sarandos pledges to keep Warner Bros. releasing films theatrically with traditional 45-day windows.
- He says Netflix will also route some Netflix films through Warner's distribution, giving theaters more quality releases.