Bonus: Netflix co-CEO Ted Sarandos Says Warner Deal to Put More Films in Cinemas
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Welcome to our Bloomberg television and radio audiences around the world for an interview with Netflix co-CEO Ted Sarandos. And Ted, the less than straightforward question that everyone has, of course, is what happens next. But I wanted to put it to you like this. Does Netflix have the balance sheet, the sort of financing flexibility and the will to really, to amend, improve, boost its bid for Warner Brothers Discovery's studios and streaming business if needed.
Let me tell you, we feel very good about the position we're in right now. So this process opened up. Warner Brothers Discovery determined that it was in their strategic best interest to sell these assets. We entered into a negotiation. It was a very, very clear bidding process that they laid out for us, which we followed and won that bid. I think in the alternative, this guy has gone, you know, missed every deadline. They've been taking nine runs of this bid and they wish, you know, they're not seem to accept this outcome. So what we've done here is we've given Warner Brothers Discovery a seven day window to get some clarity about what Paramount is offering for this company.
I believe that it's important to have that clarity. I think it's important that the Warner Brothers Discovery shareholders deserve to have that certainty and clarity about this deal.
Now, your stock is down more than 30% since you announced this deal. So you feel good about it. Your shareholders, it's a little less clear. I know that I've heard you say that that is because of uncertainty, but it went down basically as soon as you went into this. So I'm just wondering, is there a point at which it goes down so much that you and your fellow board members have to reconsider if this is the right path?
Lucas, remember, we've run this company from the beginning for the long term. We think this deal will have a positive impact on the business for the long term. Remember, what we're doing in buying these assets is we've been creating original programming on Netflix for about a decade. They've been making original film series for about 100 years. They have incredible IP. And we just happen to have a consumer model that can better maximize the returns on that IP. So I think it's a great long-term outcome. I think there has been some headwind in the stock. There's been some headwind in the sector. And there's been some headwind because of the AI trade, which I think is ironic because I think AI will be an amazing creator tool to actually make the entertainment business bigger and better than ever.
So I do think those things have got to play out. When I said they don't like uncertainty, there's concern about bidding wars and all those things.
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