Netflix came close to locking up Xbox’s biggest franchises for film and TV. According to a new report from Puck’s Matthew Belloni, Netflix offered Microsoft $500 million over seven years for exclusive film and TV adaptation rights to Xbox’s games. Xbox, led by CEO Asha Sharma, reportedly countered at $800 million for the same seven years.
The deal never got further than that. Belloni reports that the offer came from Bela Bajaria, Netflix’s chief content officer, and that with her exit from the company this month, the deal is off the table.
Why the talks fell apart
Bajaria left Netflix in October during a major shake-up at the streamer, which cut around 1,000 jobs. Former Fox and Disney TV executive Peter Rice is taking over as chief content officer. With the executive behind the offer gone, the two sides never got past the opening numbers.
Instead of one giant exclusive deal, Belloni reports that Xbox is now pursuing “smaller deals with more partners.”
What Xbox said
Xbox didn’t confirm the dollar figures, but in a statement it said: “We have received record-breaking interest in our I.P.; Netflix is a valued partner and we are excited for the forthcoming release of our Minecraft and Diablo animated series together, among other adaptations.” Netflix has not commented.
That lines up with how Microsoft already works. Its adaptations are spread across several partners: Fallout is on Prime Video, A Minecraft Movie came from Warner Bros., and Netflix is making Minecraft and Diablo animated series plus a Gears of War film. A single exclusive deal would have put Halo, The Elder Scrolls, Warcraft, Overwatch and the rest of Xbox’s library under one roof for seven years.
Matthew Belloni: Netflix Wanted Exclusive Film and TV Rights For Xbox IP Before Talks Fell Through
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What’s next
Nothing changes for the adaptations already in the works. The Minecraft and Diablo series are still on track at Netflix, according to Xbox’s statement. The bigger question is where Xbox’s other franchises end up now that the all-in-one deal is off, and whether Netflix under Rice comes back with a new offer.
