According to a recent report by Bloomberg, Netflix reportedly considered acquiring major players such as Electronic Arts (EA), Disney, and even Fox as it explored major expansion options.
However, the corporation apparently gave up on such ambitions in the end, mostly because of internal conflict and worries about paying too much for such substantial assets.
Read more: Paramount makes $108.4 billion hostile bid for Warner Bros Discovery
A pivot from gaming and other fragmented acquisitions
Over the past few years, Netflix has made an effort to enter the gaming industry by purchasing smaller studios and creating a library of interactive and mobile games.
About the possible buy of the two big players, the Bloomberg report explicitly states that management was concerned they might “hurt their stock price by overpaying for an asset that traded at a much lower multiple.”
Forbes reported that large-scale media-studio or gaming-company acquisitions tend to come with high valuation multiples and integration risks. Potentially, this can destabilize investor confidence if synergies don’t materialize. This explains Netflix’s reluctance to back out of the decision.
The report also said that Netflix was an “unlikely bidder” given its tradition of building content in-house rather than buying large conglomerates.
Instead of expanding piecemeal through games or niche acquisitions, Netflix is trying to bolster its library with established studios and proven franchises by focusing on Warner Bros. Discovery at a price that executives believed balanced value and acquisition risk.
Read more: What Netflix Gains From Buying Warner Bros.
Netflix and Warner Bros.
On December 5, 2025, Netflix reached a deal to buy WBD’s studio and streaming assets in a transaction valued at approximately $82.7 billion.
Netflix’s co-CEO, Ted Sarandos, described the deal as a strategic way to “accelerate business for decades to come,” stating that combining Netflix’s global streaming platform with Warner Bros.’ storied content library and production capabilities would significantly strengthen its offerings.
The platform prefers content depth and legacy IP assets over fragmented expansion into gaming or tech-heavy entertainment. According to Netflix’s official report, the deal looks poised to redefine Netflix’s long-term strategy around storytelling, production capacity, and global reach.
Did Netflix try to buy EA, Disney and Fox amid expansion push? What we know
