Netflix is sticking firmly to its guns. Asked about its position amid a flurry of interest in Warner Bros. Discovery (WBD) and other legacy media consolidation opportunities, co-CEO Ted Sarandos reiterated that the company remains “very clear … we have no interest in owning legacy media networks.”
The backdrop to Sarandos’ comments is a significant period of flux in the media landscape. WBD, which owns major cable networks, streaming platforms and studio assets, is reportedly exploring sale or restructuring options.
In this environment of potential megadeals, Netflix’s stance is notable. Rather than participate in a wave of acquisitions, the company prefers to double down on what it considers its core advantage: growth driven by original content, global scale, and its data-driven streaming platform.
Sarandos described the company’s approach succinctly:
“We’ve been very clear in the past that we have no interest in owning legacy media networks, so there is no change there.”
He reaffirmed that Netflix remains a “builder over buyer,” suggesting a disciplined M&A philosophy.
Netflix’s business model emphasizes content creation, subscriber growth and technology-enabled distribution. While many media conglomerates are acquiring portfolios of legacy TV channels, studios and broadcast assets, Netflix appears to see more value in expanding its streaming footprint organically.
Analysts interpret this as a “quiet advantage” in a time when traditional media companies are burdened by legacy costs such as cable monetisation, linear network infrastructure and complex corporate structures. Netflix, by contrast, has fewer legacy constraints.
By publicly ruling out legacy network acquisitions, Netflix sends two signals:
Bank of America analyst Jessica Reif Ehrlich noted that further consolidation among old-media players could increase competitive pressure on Netflix. Yet, the company’s clear posture may help differentiate it in a crowded media M&A landscape.
Legacy media networks bring brand recognition and content libraries—but they also bring considerable infrastructure, legacy contracts and complex cost structures. Cable-network monetisation is under pressure, and streaming economics require nimble operations. Netflix seems unconvinced that buying such assets aligns with its lean, tech-first model.
Faced with a media landscape defined by consolidation and complexity, the company chooses to double down on its streaming architecture, global scale and content-first model.