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Ex-CEO Admits Underestimating Netflix Threat
6 Dec
Summary
- Former Time Warner CEO Jeff Bewkes downplayed Netflix's threat 15 years ago.
- Bewkes' 2010 'Albanian army' quote resurfaced amid Netflix's WBD bid.
- Industry groups have raised concerns about the Netflix-WBD acquisition.
Jeff Bewkes, the former CEO of Time Warner, has acknowledged underestimating Netflix's significant threat over a decade ago. His dismissive 2010 comment comparing Netflix to the "Albanian army" taking over the world has resurfaced following Netflix's acquisition of Warner Bros. Discovery (WBD).
Bewkes explained his flippant remark stemmed from a reluctance to admit Netflix's growing power, especially after Time Warner's own struggles with digital distribution. This retrospective admission comes as the recent Netflix-WBD mega-deal faces considerable industry criticism from various guilds and unions concerned about its implications.
Despite widespread concerns, Netflix has assured stakeholders that Warner Bros.' operations, including film releases, will be maintained and strengthened. WBD CEO David Zaslav expressed optimism about the acquisition, highlighting the complementary nature of the businesses and the intention to retain most employees.
