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The Town with Matthew Belloni

Netflix CEO Ted Sarandos Makes the Case for Buying Warner Bros.

The Town with Matthew Belloni

The Ringer

Society & Culture

4.31.1K Ratings

🗓️ 18 February 2026

⏱️ 41 minutes

🧾️ Download transcript

Summary

Matt is joined by Netflix Co-CEO Ted Sarandos to discuss why they reopened the Warner Bros. sale process for 7 days, why he thinks the Netflix bid is better for Warners Bros, consumers, and the industry at large, if they will commit to a theatrical window and robust marketing spends for Warner Bros. films, and much more. Host: Matt Belloni Guest: Ted Sarandos Producers: Craig Horlbeck, Jessie Lopez, and Jon Jones Theme Song: Devon Renaldo ZOOTOPIA 2. FOR YOUR CONSIDERATION FOR BEST ANIMATED FEATURE. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

This episode of The Town is presented by the Walt Disney Animation Studios Zootopia 2,

0:10.6

now nominated for the Academy Award for Best Animated Feature.

0:14.4

The Hollywood Reporter hails Zootopia 2 knocks it out of the park

0:17.7

with this dazzling visuals, sophisticated humor, and genuine emotion.

0:22.3

For your consideration, for best animated feature.

0:25.0

It is Wednesday, February 18th.

0:27.5

If you listen to the town or you work in the town, you know who Ted Sarando's is.

0:31.6

He's the co-CEO of Netflix and arguably the most powerful person in the film and TV business,

0:36.8

certainly in streaming.

0:38.1

These days, he's also playing the role of hype man of sorts,

0:41.4

hype man for his $83 billion acquisition of the Warner Brothers studio in HBO Max,

0:47.4

the deal that Sarandos thought he had all sewn up back in December.

0:51.0

But Paramount and the Ellison family have not gone away.

0:55.5

Pretty much since the Netflix and Warner's deal was announced, the Ellison's have been trying to undo it, slowly sweetening their

1:00.9

offer, rounding up Middle East money to help pay for it. And when the Warner's board kept rejecting

1:05.6

them, they took it directly to shareholders. It's gotten to the point this week where the deal

1:09.9

got so sweet that

1:11.0

the Warner's shareholders were getting antsier and Warner's and Netflix finally said enough's enough

1:16.0

and they reopened the sale process. Pretty extraordinary move, but it's only for seven days.

1:22.4

And the Warner's board said it still supports Netflix and it set a March 20th date for its shareholder boat.

1:27.9

Just wants to hear what the Ellison's best and final offer is and finally put this to bed.

1:32.9

Remember, Netflix has agreed to pay $27.75 a share, all cash, for the studio and streamer.

...

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