Netflix Co-CEO Ted Sarandos has spoken about the company's decision to abandon its $82.7 billion bid to buy Warner Bros.’s studios, along with HBO Max, and how the company is closer to cinema owners than ever. This follows the news that Netflix had withdrawn its bid to purchase Warner Bros., which was rejected by rival David Ellison‘s Paramount-Skydance, for $111 billion, which includes taking on more than $95 million in debt. The move could disrupt Hollywood's Hollywood core and result in massive layoffs. Sarando also shared that the process of this process has opened a level of dialogue with theater operators and that Netflix could even buy theaters if it wanted. Despite recent criticism from President Donald Trump about Netflix's board members regarding Susan Rice's role in the company, Saranandos said he never considered removing her from the board.