Netflix “built our M&A muscle” during its ill-fated quest to acquire Warner Bros, Co-CEO Ted Sarandos told Wall Street analysts Thursday.
“We’ve learned so much about deal execution, about early integration,” Sarandos said. “We’re really proud of the teams that did all that work. We were proud to win the bid. We are confident in our ability to get to the finish line with regulators for the approvals that we needed. But mostly, we really built our M&A muscle. And the most important benefit of this entire exercise, though, was that we tested our investment discipline. And when the cost of this deal grew beyond the net value to our business and to our shareholders, we were willing to put emotion, and ego aside, and walk away.”
The comments came during a quarterly post-earnings video session with analysts after the release of solid first-quarter results, with revenue and
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