Netflix Considered EA, Disney, and Fox Before Warner Bros. Deal

Netflix’s upcoming $82.7 billion acquisition of Warner Bros., set for 2026, has already shaken up the entertainment industry. But new reports suggest that before making this historic bid, the streaming giant briefly explored the possibility of buying other major companies, including Electronic Arts (EA), Disney, and Fox.

Netflix Considered Buying EA, Disney, and Fox

According to Bloomberg, Netflix’s leadership debated pursuing several big names in entertainment and gaming. Co-founder Reed Hastings has traditionally avoided massive acquisitions, preferring to build projects “from scratch.” Still, management discussed whether acquiring EA or Fox could strengthen Netflix’s position in the global market. Disney was even considered at one point, though executives ultimately decided against it.

The hesitation came down to concerns about overpaying and the risks associated with large-scale mergers. Netflix’s co-CEO Greg Peters noted that “big media mergers don’t have an amazing track record,” fueling skepticism about whether such deals would deliver long-term value. Executives worried that spending heavily on assets trading at lower multiples could hurt Netflix’s stock price.

Instead, Netflix turned its focus to Warner Bros., a company offering immediate synergy with its core streaming business. The deal would give Netflix access to HBO Max, Warner Bros. Studios, and WB Games, including developers like NetherRealm, Rocksteady, TT Games, and Avalanche. This acquisition is seen as more directly beneficial to Netflix’s operations, with opportunities to integrate Warner’s vast catalog of films, shows, and games into its platform.

EA itself is now preparing to go private in a $55 billion leveraged buyout funded largely by Saudi Arabia’s sovereign wealth fund, making Netflix’s interest moot.