On Wednesday, Netflix co-CEOs Ted Sarandos and Greg Peters visited the Warner Bros. studio lot in Burbank and were photographed with Warner Bros. Discovery CEO David Zaslav near landmarks including the Water Tower. The visit coincided with WBD’s board formally rejecting Paramount’s hostile $30-per-share tender offer, underscoring WBD’s public preference for Netflix’s earlier accepted proposal. Netflix’s offer — an $82.7 billion bid for WBD’s streaming and studios division accepted on Dec. 5 — remains the company’s preferred path, while details of the Burbank meetings were not disclosed. Observers view the visit as a targeted effort by Netflix to reassure creatives and executives about the future of Warners’ theatrical and studio operations.
Key Takeaways
- Netflix co-CEOs Ted Sarandos and Greg Peters visited the Warner Bros. lot in Burbank on Wednesday and were pictured with WBD CEO David Zaslav by the company.
- The trip came the same day WBD’s board officially rejected Paramount’s $30-per-share hostile tender offer, which WBD said carries significant risks.
- Netflix’s previously accepted bid is valued at $82.7 billion for WBD’s streaming and studios division, including Warner Bros., HBO, HBO Max and DC Studios.
- Paramount’s broader proposal has been reported as a roughly $108 billion offer in prior filings and remains a competing route if shareholders accept the tender.
- Sarandos publicly reaffirmed Netflix’s commitment to theatrical release windows during a separate Paris appearance, saying Netflix intends to continue traditional theatrical distribution for Warner Bros. films post-close.
- WBD released photos but provided no full schedule or list of participants, leaving specifics of conversations and agreements unconfirmed.
Background
Warner Bros. Discovery completed an internal review of competing proposals for its studio and streaming assets after receiving multiple approaches from industry bidders. On Dec. 5, WBD accepted an $82.7 billion offer from Netflix specifically for its streaming and studios division — a deal that would transfer well-known brands such as Warner Bros., HBO and DC Studios. Paramount later launched a hostile tender offer at $30 per share, which WBD’s board described as inferior and risky for shareholders.
The bidding battle reflects broader consolidation trends in media as streamers and studios seek scale to compete with tech platforms and shifting consumer habits. For many in Hollywood, the key concern is how new owners will manage theatrical release strategies, franchise stewardship and talent relationships. Warner Bros. has been central to theatrical tentpoles and franchise IP, so any change in ownership prompts close industry scrutiny and labor interest groups’ attention.
Main Event
WBD circulated a set of photographs showing Sarandos, Peters and Zaslav walking the Burbank lot and pausing at cultural touchstones such as the Warner Bros. Water Tower. The images were released on Wednesday without an accompanying, detailed itinerary. WBD has not published a list of studio executives who attended or an agenda, leaving the purpose described only as meetings with studio leaders.
Industry coverage and the timing of the photos suggest the visit was part outreach, part public signaling: Netflix leaders have been meeting Hollywood executives to ease concerns about the streaming giant’s plans for theatrical releases and studio management. Sarandos already used a public stage in Paris to pledge that, should the transaction close, Netflix intends to continue releasing Warner Bros. films in theaters with traditional windows.
WBD’s board meanwhile made its position explicit: Paramount’s tender was rejected as “inferior” and carrying notable risks and costs to shareholders, according to a statement from board chair Samuel A. Di Piazza, Jr. With the formal rejection, Paramount faces the choice of persuading shareholders to tender at $30 per share or submitting a materially higher offer to change WBD’s calculus.
Analysis & Implications
Zaslav’s decision to publicly welcome Netflix executives serves as a clear signal of alignment with the Netflix proposal and may be intended to reassure staff, talent and partners that the studio’s heritage will be preserved under Netflix ownership. Public photo opportunities of this kind are strategic: they shape perception in advance of any shareholder vote and can influence sentiment among creative communities nervous about streaming-first strategies.
For Netflix, the visit helps address a substantive risk to the deal: resistance from filmmakers, exhibitors and guilds concerned about the fate of theatrical distribution. Sarandos’ repeated assurances about theatrical windows are designed to counter fears that Netflix would prioritize streaming at the expense of theatrical runs, which remain an important revenue and prestige channel for franchise films.
Regulatory and shareholder hurdles still loom. Antitrust and competition authorities will assess whether the combination raises concerns around market concentration in streaming and content distribution. Shareholder dynamics are also uncertain: even after rejecting Paramount’s tender, WBD must show that the Netflix combination delivers superior and more certain value than any rival proposal, including potential higher bids.
Comparison & Data
| Bidder | Structure/Target | Public Valuation |
|---|---|---|
| Netflix | Streaming & studios division (Warner Bros., HBO, HBO Max, DC Studios) | $82.7 billion (accepted Dec. 5) |
| Paramount | Hostile tender offer to WBD shareholders | $30 per share (reported ~ $108 billion earlier) |
The table contrasts the two public valuations at the center of the contest. Netflix’s $82.7 billion figure was accepted for WBD’s streaming and studios assets; Paramount’s $30-per-share tender and prior reporting of a roughly $108 billion proposal represent a competing, broader approach. These headline numbers frame shareholder and regulatory evaluations but do not capture deal terms such as contingent payments, governance arrangements or regulatory remedies that could determine final outcomes.
Reactions & Quotes
WBD reiterated its board’s stance after reviewing Paramount’s tender, framing the Netflix transaction as a superior option for shareholders. The board’s public language emphasized both the comparative value and the risks associated with the tender offer.
“Following a careful evaluation of Paramount’s recently launched tender offer, the Board concluded that the offer’s value is inadequate, with significant risks and costs imposed on our shareholders.”
Samuel A. Di Piazza, Jr., Chair, WBD Board
Sarandos used a separate public appearance in Paris to address theatrical concerns directly, linking Netflix’s ownership intent to a continued commitment to theatrical distribution if the deal closes.
“Our intentions when we buy Warner Bros. will be to continue to release Warner Bros. studio movies in theaters with the traditional windows.”
Ted Sarandos, Co-CEO, Netflix
Unconfirmed
- Specific attendees and full agenda for the Burbank meetings were not released by WBD and remain unconfirmed.
- Any binding commitments or side agreements reached during the visit have not been disclosed and are unverified.
- Timetable for shareholder votes, regulatory filings and a final closing date for any deal remains subject to future announcements and approvals.
Bottom Line
The staged visit by Netflix leaders to the Warner Bros. lot is both symbolic and strategic: it reinforces WBD’s preference for the Netflix deal and serves as a public reassurance campaign to creatives and industry partners about the future of theatrical releases. With WBD’s board formally rejecting Paramount’s tender, the immediate contest looks tilted toward Netflix, but the outcome will still hinge on shareholder responses and regulatory reviews.
Observers should watch for additional disclosures from WBD about meeting participants, for any revised offers from Paramount, and for filings that clarify transaction mechanics and regulatory remedies. Until those details are public, the visit functions as a high-profile signal rather than a conclusion to the competing bids.
Sources
- The Hollywood Reporter (industry press) — original coverage summarizing WBD photos, Sarandos’ Paris remarks and WBD board statement.