Netflix's Ted Sarandos on Future of HBO Max as He Fights to Seal WB Deal

Variety

by Cynthia Littleton

February 21, 2026

AI-Generated Deep Dive Summary

Ted Sarandos, Netflix’s co-CEO, is aggressively advocating for Netflix to finalize its acquisition of Warner Bros. Discovery (WBD), dismissing Paramount Skydance’s efforts to disrupt the deal. Sarandos criticized Paramount for spreading “misinformation” and questioned their ability to meet WBD’s clear and direct bid requirements. He emphasized that the seven-day window granted to Paramount was aimed at bringing clarity to shareholders, as Paramount had previously missed deadlines and offered unclear terms. Sarandos expressed confidence in Netflix’s $83 billion offer, which he described as straightforward and superior to Paramount’s vague proposals. Sarandos revealed his vision for a potential Netflix-WBD merger, highlighting plans to compete more effectively with YouTube and maintain the 45-day theatrical window while preserving paid download services. He also acknowledged the challenges of losing the Academy Awards TV rights to YouTube but remained focused on ensuring clarity and certainty in the acquisition process. Sarandos stressed that the board’s unanimous endorsement of the deal reflected their confidence in its value and structure. The ongoing battle between Netflix and Paramount over WBD highlights the high stakes involved in the entertainment industry’s consolidation. Sarandos’ strategic approach, combined with his emphasis on transparency and fairness, positions Netflix as a strong contender in the streaming wars. The outcome of this deal could reshape the future of content distribution, with significant implications for how audiences consume media and which platforms dominate the market. Ultimately, Sarandos’ determination to secure WBD underscores the broader trend of major players vying for control in

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Originally published on Variety on 2/21/2026