Netflix chief says no regrets over Warner Bros loss as Paramount merger clears court

Netflix co-CEO Ted Sarandos says he has no regrets about losing Warner Bros Discovery to Paramount, and he questioned whether putting its streaming services together creates a larger rival.

Sarandos spoke on Wednesday at the Bloomberg Screentime conference, hours after a judge gave final sign-off for the Paramount-Warner Bros merger to proceed, according to Variety. Bloomberg lists Sarandos as Co-CEO of Netflix. The full deal and new leadership structure, including a wider role for HBO content chief Casey Bloys, is expected to be announced next week. Bloys taking charge of Paramount+ alongside HBO Max had not been officially confirmed at the time of that report.

On paper, the two streaming services look like one plus one. Sarandos said he does not know if that equals two, one-and-a-half or three.

He defended Netflix's failed bid. Sarandos said the plan was solid and Netflix "won the deal at some point" by pricing it right. He said the offer was the top price that could still return value to shareholders. Paying more would have pushed Netflix into negative territory, even with its scale.

That bid battle ran for months. Netflix's proposed deal for Warner Bros Discovery was valued at $82.7 billion, Reuters reported in January, and Sarandos was due to testify in February at a US Senate hearing on the proposal. Executives from both companies later defended the proposal to lawmakers. He later signalled in a Fox interview that Netflix would not lift its offer much further. Netflix ultimately lost to Paramount.

Sarandos also played down reports he had courted Bloys for a job or production deal at Netflix. He said their lunch was well publicised and the pair have eaten together many times. He called Bloys a super talented executive who will be in a very good position wherever he is.

Bloys gave a similar shrug in April. Asked about lunch with Sarandos, he said: "I have lunch with lots of people," according to Variety.

The conversation turned to production and politics. Sarandos said Donald Trump cares about the entertainment business, protecting the industry and creating jobs in America. He said Netflix has filmed in all 50 states. He named New Jersey as the most competitive state for production right now.

California is not keeping pace, in his view. He accused the state of complacency and ageing infrastructure, and said it has become very difficult to shoot in Los Angeles.

Sarandos also addressed Netflix viewing. He spoke about 2% year-on-year growth in user engagement in the first half of 2026. Engagement here means time spent watching. He added Netflix had just finished David Fincher's film 'The Further Mis-Adventures of Cliff Booth'.

What makes this stand out is the timing. Sarandos spoke just as the court cleared the rival deal, with details on who runs what due next week. For fans, this means the next thing to watch is that announcement, and where familiar shows and films land.