Xbox Reportedly Asked Netflix for $800 Million for 7-Year Movie and TV Exclusivity Deal
Xbox reportedly asked Netflix for $800 million for a seven-year deal that would have given the streamer exclusive adaptations based on its games.
Details on the behind-the-scenes dealings between the two entertainment giants came from a Puck report. The site stated that Netflix, interested in pursuing movie and TV adaptations for some of Microsoft's biggest games, began its offer at $500 million.
What exactly the deal would have yielded outside of the promise to exclusively-licensed Xbox titles for adaptations is unclear, but for Microsoft, it was worth a lot more than what Netflix was willing to offer. Xbox CEO Asha Sharma and her team countered the offer at a staggering $800 million. Following a round of shakeups at Netflix from last week, the deal is said to be completely off the table.
It's unclear what exactly led to the deal breaking down, though Puck suggested the exit of Bela Bajaria, who served as content chief until being fired recently, played a role. Now, the site said that Xbox is "pursuing smaller deals with more partners." Who those partners are is a mystery for now.
While Xbox and Netflix were unable to secure a long-term exclusivity deal, both entertainment entities do have plans to work together in the future. A live-action movie and animated series based on Gears of War, for example, have been in the works for some time. In 2024, Netflix announced it was building a Minecraft animated series, and just last month, plans for an animated Diablo series were confirmed.
Xbox shared a statement with Puck: "We have received record-breaking interest in our IP; 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 announced layoffs impacting around 1,000 staff earlier this month. A few high-profile executives, including Bajaria, were fired just days later. The list also included head of film Dan Lin, who reportedly recently clashed with Barbie director Greta Gerwig about the release of her upcoming Netflix film, Narnia: The Magician's Nephew.
Whether Xbox can find partners for more movie and TV adaptations remains to be seen, but considering its newly established entertainment division, XP, was announced just weeks ago, it definitely seems like something the company wants to keep in mind going forward. In the meantime, you can check out what IGN thought of a few other recent video game adaptations. Capcom's Street Fighter movie, for example, received a 6/10 review, while its Resident Evil movie managed to earn an 8/10.