Monday, February 23, 2026-Netflix co‑CEO Ted Sarandos is turning up the pressure as he pushes to finalize a high‑stakes deal for Warner Bros. assets, including HBO Max, at a time when streaming competition has never been fiercer.
With subscriber growth slowing across the industry and content costs rising, Sarandos is making it clear that strategic expansion — not contraction — is the path forward. Sources close to negotiations say Sarandos is emphasizing how Netflix’s global reach and strong balance sheet can reinvigorate HBO Max’s performance and unlock value that the current owner has struggled to sustain.
For Wall Street and Hollywood decision‑makers alike, the stakes couldn’t be higher. Sarandos is reportedly pitching a vision where HBO Max content — from prestige dramas to blockbuster franchises — is amplified through Netflix’s massive subscriber base, reducing churn and driving new sign‑ups around premium offerings.
Analysts tracking subscriber metrics note that Netflix’s churn rate has stabilized, but growth in key markets still lags behind broader expectations. Bringing HBO Max under the Netflix umbrella, they argue, could accelerate scale quickly and offer a compelling “streaming mega‑hub” that advertisers and consumers alike find hard to ignore.
But closing the Warner Bros. deal won’t be smooth: stakeholders are pushing for clear commitments on content investment, regional strategy, and brand positioning. Sarandos is responding with aggressive forecasts for combined revenue growth and promises of leveraging Netflix’s data‑driven model to tailor HBO Max content more precisely to audience demand. With quarterly results looming and investors watching closely, Netflix’s leadership is signaling that the next chapter of streaming success depends on bold moves — and soon.
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