The battle to buy Warner Bros. Discovery has turned into a very public and very messy fight between two of Hollywood’s biggest players. Netflix co-CEO Ted Sarandos is now accusing rival bidder Paramount of running a “disinformation campaign” to confuse shareholders and the public. At the center of the drama is a simple but sharp comment from Sarandos, who suggested that Paramount’s strategy is all about making noise because it might be “probably cheaper to make noise” than to actually put a better deal on the table.
The situation has escalated quickly. What started as a straightforward $82.7 billion agreement for Netflix to buy Warner Bros.’ studio and streaming assets has turned into a hostile tug-of-war. Paramount, led by David Ellison, keeps coming back with higher offers for the entire company. Now, with James Cameron getting involved and politicians raising questions, Sarandos is speaking out to set the record straight.
What Did Ted Sarandos Actually Say About Paramount’s Tactics?
Ted Sarandos did not hold back when he sat down for interviews with CNBC and Fox Business this week. His main point was simple: Paramount has been creating confusion on purpose. He accused the company of “flooding the zone with confusion for shareholders” so that people lose track of what the Netflix deal actually offers .
The comment about noise came as Sarandos explained why Netflix agreed to give Warner Bros. a seven-day window to talk to Paramount again. He said Paramount has been “making a ton of noise, flooding the zone with confusion for shareholders, so they don’t really understand the deal” . The idea is that if you create enough chaos, people stop paying attention to the details. And in Sarandos’ view, the details matter because he believes the Netflix deal is simply better for everyone involved.
He challenged Paramount directly to stop talking and show their cards. “Give them seven days to put their money where their mouth is,” Sarandos told CNBC . He made it clear that Netflix is confident in their offer and wants shareholders to have “complete clarity and certainty about what the value of these deals are” .
The James Cameron Letter That Sparked More Drama
Things got even more personal when legendary filmmaker James Cameron entered the ring. The director of “Avatar” and “Titanic” wrote a letter to Senator Mike Lee of Utah, warning that a Netflix takeover of Warner Bros. would be “disastrous for the theatrical motion picture business” .
Cameron claimed that Netflix would only give Warner Bros. movies a 17-day window in theaters before moving them to streaming. That is much shorter than the 45-day window that theaters depend on to make money. Cameron wrote that his “first love is the cinema” and that he believes the industry would suffer if Netflix gained control .
Ted Sarandos was visibly frustrated by this. He told Fox Business that he was “particularly surprised and disappointed that James chose to be part of the Paramount disinformation campaign” . Sarandos flatly denied ever talking about a 17-day window.
“I have never even uttered the words ’17-day window,’ so I don’t know where it came from, or why he would be part of that machine,” Sarandos said . He explained that the Netflix deal is actually set up to keep Warner Bros. movies in theaters for 45 days. “Movies go into the theaters for 45 days, a healthy, robust slate of films every year, that is going to continue,” he added .
Sarandos also pointed out that he has talked about this commitment publicly many times and even swore under oath in front of the Senate subcommittee on antitrust that Netflix would honor theatrical windows .
What Is Really Happening With the Warner Bros. Sale?
To understand the drama, it helps to look at the actual numbers and timeline. Here is where things stand right now:
- Netflix’s Offer: $82.7 billion to buy Warner Bros.’ studios and streaming business (including HBO Max). Shareholders are set to vote on this on March 20 .
- Paramount’s Offer: $108.4 billion to buy the entire Warner Bros. Discovery company, including cable channels like CNN, TLC, and Food Network. That breaks down to about $30 per share .
- The Seven-Day Window: Warner Bros. got permission from Netflix to talk to Paramount until February 23. This gives Paramount a chance to present its “best and final” offer .
- The Vote: If Paramount cannot come up with a better deal, Warner Bros. shareholders will vote on the Netflix agreement next month .
Paramount has hinted that it might raise its bid to $31 per share and has already agreed to pay the $2.8 billion breakup fee to Netflix if Warner Bros. walks away . But Sarandos remains calm about all of this. He pointed out that Warner Bros. has rejected Paramount’s offers multiple times and continues to recommend the Netflix deal to shareholders .
Why Does This Fight Matter for Regular Moviegoers?
For people who just want to watch movies and TV shows, this fight might seem like rich people arguing. But the outcome will actually affect what you see on screen and where you see it.
If Netflix wins, Warner Bros. movies will still come to theaters first. Sarandos has promised to keep the 45-day theatrical window that exists today . That means you can still watch new DC movies, Harry Potter spinoffs, and other big Warner Bros. films on the big screen before they hit streaming. Netflix has also said it will keep HBO running the same way and keep making TV shows .
If Paramount wins, the company has talked about finding up to $6 billion in cost savings . Sarandos warns that this kind of cutting usually means fewer movies and fewer jobs. “That endless search for profit by cutting people, jobs and making fewer movies — that’s not our intention at all,” he said .
Netflix is also making a big deal about investing in American production. Sarandos recently visited a new production facility in New Jersey, built on an old Army base. He announced that Netflix is moving seven projects that were planned to film overseas to New Jersey instead . Right now, the streamer has 11 films shooting in the state. “We’ve put together a production incentive in the State of New Jersey that competes with every other country in the world, that will strengthen the American economy,” Sarandos said .
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What Happens Next in This Hollywood Battle?
The next few days will be critical. Paramount has until February 23 to convince Warner Bros. that its offer is truly better than Netflix’s . If they cannot, the focus will shift to the March 20 shareholder vote.
There is also the question of politics. Some Democratic senators, including Cory Booker, Chuck Schumer, and Elizabeth Warren, have raised concerns about Paramount’s bid and its connections to the Trump administration . They are asking questions about lobbying and whether the deal is getting special treatment.
Meanwhile, Sarandos is not backing down. He recently sent his own letter to Senator Lee, responding directly to James Cameron’s concerns . He is also making the rounds on business news shows, trying to convince shareholders that Netflix is the safer choice.
“I think there would have been reactions like that from anyone who was going to do the deal,” Sarandos said about the criticism. “What people would like to see is no deal. But that’s not possible. There are two outcomes of this deal, and we have a signed deal done” .
For now, the entertainment industry is watching closely. Will Paramount put more money on the table? Will Warner Bros. switch sides? Or will Netflix close the deal it has been working on since December? The answers should come very soon.
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