Greg Peters

Greg Peters
Nationality	American
Occupation	Business executive
Title	Co-CEO of Netflix
Known for	Co-CEO of Netflix

Greg Peters is an American business executive who serves as co-CEO of Netflix, the global streaming entertainment company. Peters assumed the co-CEO role in 2023, sharing leadership responsibilities with Ted Sarandos as the company navigated a period of significant strategic expansion in the streaming and entertainment industry. Before becoming co-CEO, Peters held senior operational and product roles at Netflix, where he oversaw key initiatives including the company's advertising tier, global product development, and partnership strategies. His tenure at the top of Netflix has coincided with one of the most consequential periods of consolidation in media history, including Netflix's pursuit of an acquisition of Warner Bros. Discovery in a deal valued at approximately $83 billion. Peters has emerged as a central figure in the negotiation and public defense of that transaction, positioning Netflix's bid against a rival offer from Paramount Global led by David Ellison.

Career

Rise at Netflix

Peters built his career at Netflix over a number of years in senior leadership positions focused on product, technology, and business operations. He was instrumental in shaping the platform's global product strategy and was a key figure behind the launch and development of Netflix's advertising-supported subscription tier, which represented a major strategic shift for the company. His deep involvement in operational and strategic decision-making positioned him as a natural candidate for the company's top leadership when Netflix restructured its executive suite.

In 2023, Peters was elevated to the role of co-CEO of Netflix, serving alongside Ted Sarandos. The dual-CEO structure was established as part of a leadership transition following the stepping back of Netflix co-founder Reed Hastings from the chief executive role. Under the co-CEO arrangement, Sarandos has generally overseen content and creative strategy, while Peters has focused on product, technology, operations, and business development. Peters has spoken publicly about the company's engagement metrics, strategic direction, and competitive positioning in multiple interviews and industry settings.

Netflix's Bid for Warner Bros. Discovery

The most prominent chapter of Peters's co-CEO tenure has been Netflix's pursuit of Warner Bros. Discovery (WBD), one of the largest proposed acquisitions in media history. Netflix submitted a bid to acquire WBD in a deal reported to be valued at approximately $83 billion, a transaction that, if completed, would represent a transformational consolidation of the streaming and traditional entertainment industries. The proposed deal would combine Netflix's global streaming platform with WBD's extensive portfolio of studios, intellectual property, and the HBO Max streaming service.

Peters and Sarandos have been actively involved in lobbying regulators and investors to secure approval for the deal. According to reporting by the Observer, both co-CEOs have been at the forefront of efforts to navigate the complex regulatory landscape surrounding such a large media merger, engaging with key stakeholders to build support for the transaction. The deal has drawn scrutiny from antitrust regulators and industry observers given the scale of the combined entity it would create in the global entertainment market.

The Netflix bid has faced competition from a rival offer by Paramount Global, led by David Ellison. Paramount has sought to acquire WBD as well, initially offering a lower price per share before sweetening its bid above $30 per share in an effort to outmaneuver Netflix. Peters has been vocal in his criticism of the rival bid. In an interview reported by The Hollywood Reporter, Peters stated that Paramount's offer for Warner Bros. "doesn't pass the sniff test," signaling his belief that Netflix's proposal represented a stronger and more credible path forward for the combined companies.

The bidding contest became a significant event in the broader media industry. A report by consulting firm KPMG noted that media deal values surged to $250 billion in the preceding year, driven in large part by the Netflix-Warner Bros. transaction and a broader industry trend toward premium content consolidation. The report characterized the dealmaking environment as one focused on "quality, not quantity," with "fewer deals but far bigger swings."

Within Warner Bros. Discovery itself, reporting by Variety indicated that a majority of staffers shifted in favor of the Netflix acquisition over Paramount's rival takeover bid. According to the report, many WBD employees viewed the Netflix deal as a more favorable outcome compared to a Paramount-led acquisition, reflecting confidence in Netflix's strategic vision and operational capabilities under the leadership of Peters and Sarandos.

In a significant procedural development, Warner Bros. Discovery set a date for a shareholder vote on the Netflix deal. WBD disclosed that Netflix had given the company a seven-day window to engage with Paramount and attempt to resolve outstanding concerns and secure a "best and final" offer from the Ellison-led company before the vote proceeded. This structured negotiation timeline underscored the high stakes of the deal and Peters's role in shaping Netflix's approach to the transaction.

Strategic Vision and Public Commentary

In a January 2026 interview with Stratechery, Peters discussed Netflix's strategic priorities, including the company's focus on engagement metrics and its rationale for pursuing the Warner Bros. acquisition. The interview provided insight into Peters's thinking about the evolving competitive landscape for streaming platforms and the strategic value of combining Netflix's global distribution with WBD's content library and production capabilities. Peters has consistently framed the proposed acquisition as a move to strengthen Netflix's position in an increasingly competitive and consolidated media environment.

Peters's public statements have reflected a data-driven and operationally focused approach to leadership. His emphasis on engagement as a key performance metric and his willingness to directly critique rival bids in public forums have established him as a forthright and strategically assertive executive within the media industry.

Netflix's Global Expansion

Under the co-CEO leadership of Peters and Sarandos, Netflix has continued to expand its global footprint. In February 2026, Netflix opened a new office in Mexico City, reflecting the company's ongoing investment in Latin American markets. The opening was attended by Francisco Ramos, Netflix's Vice President of Content for Latin America, and Manola Zabalza, the Secretary of Economic Development for Mexico City, among other officials. The Mexico City office represented a continuation of Netflix's strategy to invest in local content production and regional partnerships across international markets.

Recognition

Peters's leadership at Netflix has drawn significant attention from business and media commentators, particularly in the context of the company's bid for Warner Bros. Discovery. His role in one of the largest proposed media acquisitions in history has placed him among the most prominent executives in the global entertainment industry. The deal's scale — contributing to a year in which media deal values reached $250 billion according to KPMG — has underscored the significance of the strategic decisions made under his and Sarandos's co-leadership.

Peters has been featured in interviews and profiles by major publications including The Hollywood Reporter, Variety, Deadline, the Observer, and Stratechery, reflecting his prominence as a leading figure in the streaming and media sectors. His willingness to engage publicly on competitive dynamics — including his pointed critique of Paramount's rival bid for Warner Bros. Discovery — has contributed to his profile as one of the more visible CEOs in the technology and entertainment industries.

Legacy

Greg Peters's tenure as co-CEO of Netflix has coincided with a period of transformational change in the global media and entertainment landscape. His elevation to the co-CEO role in 2023 marked a generational leadership transition at Netflix, as the company moved beyond its founding era under Reed Hastings into a new phase of operational maturity and strategic ambition.

The pursuit of Warner Bros. Discovery, with its $83 billion valuation, represents one of the largest and most complex proposed acquisitions in the history of the entertainment industry. If the deal is completed, it would fundamentally reshape the competitive dynamics of the streaming market, combining Netflix's subscriber base and technology platform with WBD's storied studios, including Warner Bros. Pictures, HBO, and a vast library of intellectual property. Peters's central role in negotiating, defending, and advancing that transaction has positioned him as a defining figure in the era of media consolidation.

The broader industry trend toward large-scale consolidation, which KPMG quantified as a surge in media deal values to $250 billion, reflects the strategic imperatives that Peters and other media executives have identified: the need for scale, premium content assets, and global distribution to compete effectively in a fragmented but rapidly consolidating market. Peters's leadership during this period will be assessed in the context of whether the Netflix-WBD deal achieves regulatory approval and delivers the strategic benefits its proponents have projected.

Beyond the WBD transaction, Peters's contributions to Netflix's product development — including the advertising-supported tier and global expansion initiatives such as the Mexico City office — reflect an approach to leadership that integrates technological innovation, business model experimentation, and international growth. These initiatives have positioned Netflix for continued competition in a market that is expected to undergo further consolidation and transformation in the years ahead.