Netflix co-CEO sees Warner split as part of broader ‘shakeout'
(Bloomberg) — Warner Bros. Discovery Inc.'s (WBD) decision to split into two independent companies is a sign of a broader 'shakeout' across a media industry that has become increasingly dominated by streaming and on-demand services, Netflix Inc. (NFLX) co-Chief Executive Officer Greg Peters said.
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'Everything is moving to streaming — everything is moving to on demand,' Peters said Thursday in an interview with Bloomberg Editor-in-Chief John Micklethwait at the Founders Forum Global conference. 'There's going to be a period of shakeout and transition associated with that.'
US media groups have struggled to improve profitability in the face of expensive streaming wars against the likes of Netflix and Amazon Prime (AMZN).
Warner Bros. Discovery announced this week that it will split into two to unshackle the company's fast-growing streaming business from its struggling legacy media channels. Comcast Corp. (CMCSA) has taken a similar path, dividing NBCUniversal into Versant — which will own cable networks like MSNBC — and the rest, including streaming service Peacock and the NBC broadcast network.
'They have to rationalize their business for that reality' of streaming demand, Peters said. 'We're definitely seeing the results of that.' When asked whether legacy players in the market will merge, he said: 'There's an inevitable logic to that.'
That said, Peters said at the event in Oxford that Netflix hasn't generally been acquisitive. 'Our track record is we're builders,' he said. 'We're not buyers.' He did note that Netflix is seeking to increase the value of its intellectual property.
Netflix's subscriber base is meanwhile growing in all the markets, according to Peters. 'We've got a lot more room to grow in Asia,' he said, adding that South Korea and India are strong growth markets.
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