Netflix CEO brushes aside Paramount’s ‘entirely expected’ hostile bid, ‘super confident’ of closing deal with Warner Bros. Discovery

After announcing an almost-$83 billion deal to buy most of Warner Bros. Discovery on Friday, Netflix’s top brass projected calm on Monday as Paramount Skydance lobbed a hostile bid to purchase all of WBD,  and investors seemed to recoil at the sheer size of Netflix’s own offer.

“Today’s move was entirely expected,” Co-CEO Ted Sarandos told investors at a UBS conference, brushing off Paramount’s bid just hours earlier. “We have a deal done, and we are incredibly happy with the deal. We think it’s great for our shareholders. It’s great for consumers. We think it’s a great way to create and protect jobs in the entertainment industry.” From Netflix’s perspective, Sarandos added, “We have a deal done, and we’re incredibly happy with the deal.”

Sarandos’s co-CEO, Greg Peters, then walked the audience through Netflix’s three-phase plan to wring value from Warner Bros. and HBO. If the deal goes through, he said, Netflix would turbocharge licensing opportunities, “double down” on the HBO brand, and unlock upsides from Warner Bros’ vast library of IP, which many analysts consider a “crown jewel” in the industry. 

The executives’ comments came after investors sent Netflix stock tumbling down 6% in the ...