'We're Saving Hollywood' - Netflix REACTS To Backlash Over Warner Bros Acquisition, Says It 'Understands Business'

Amid rising backlash over Netflix's mega $83 billion acquisiting deal with Warner Bros, the primary concern that cinema guilds and the internet has been claiming is that this would lead to "death of Hollywood." But Netflix has its defence. It rather says the move would "save Hollywood."On December 4, news broke that Netflix had won the bidding war for the Warner Bros, and the streaming giant would now enter exclusive talks to secure a deal with the legacy media company. While the news shook the global film and TV industries, writers, filmmakers and actors have ever since been rallying against the possible far-reaching impact on world cinema. ALSO READ: Netflix-Warner Bros Acquisition Deal Faces Huge BACKLASH From Hollywood Guilds: It'll Eliminate

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Netflix assures the deal won't be 'another business fiasco'

In the midst of the backlash, Netflix Co-CEOs Ted Sarandos and Greg Peters assured investors on December 5 that the deal was in favour of the industry. According to Deadline, Peters told Wall Street analysts, "A lot of those failures that we’ve seen historically is because the company that was doing the acquisition didn’t understand the entertainment business.""They didn’t really understand what they were buying. We understand these assets that we’re buying, the things that are critical in Warner Bros. are key businesses that we operate in, and we understand. A lot of times, the acquiring company, it was a legacy non-growth business that was looking for sort of a lifeline. That doesn’t apply to us. We’ve got a healthy, growing business that we’re super, super excited about," he added.

Netflix is 'saving Hollywood'

When asked if Netflix is destroying Hollywood, Ted Sarandos told Variety, "No, we’re saving Hollywood." He added, "Netflix is a very consumer-focused company. We really do care that we deliver the program to you in a way you want to watch it.""We're in a period of transition. Folks grew up thinking, ‘I want to make movies on a gigantic screen and have strangers watch them [and to have them] play in the theater for two months and people cry and sold-out shows … It’s an outdated concept," he explained.Meanwhile, former WarnerMedia CEO Jason Kilar became one of the first studio level executives to comment publicly on the pending deal. He posted on X (formerly Twitter), "If I was tasked with doing so, I could not think of a more effective way to reduce competition in Hollywood than selling WBD to Netflix."