Netflix wanted to build its next film and TV empire out of Xbox’s games — and Xbox priced itself out of the deal. According to a new report by Puck News’ Matt Belloni, Netflix offered Microsoft $500 million for a seven-year exclusive license to adapt Xbox titles for film and TV. Xbox, led by CEO Asha Sharma and her business affairs team, returned a counter offer of $800 million. The deal is now said to be “off the table.”
Following Fallout’s Playbook
The offer reportedly came from Netflix’s then-Chief Content Officer Bela Bajaria — the executive recently fired and replaced by Peter Rice, a former Disney executive. Xbox CEO Asha Sharma, meanwhile, has made no secret of the fact that she wants to expand the company’s various IPs into cross-media properties that could follow the success of Amazon’s Fallout series. Netflix already has skin in the game: with Minecraft and Diablo shows already on the way, the reported offer was for a “bigger film and TV deal” covering Xbox’s IP at large.
Why It Fell Apart
With Bajaria no longer in her role, the reported $500 million offer died on the table — GamingBolt notes the deal was taken off by the streaming giant, whose CFO found it too expensive to invest in. Xbox, for its part, is said to be “pursuing smaller deals with more partners” instead of one massive exclusive arrangement.
The numbers themselves tell the story of how much game IP is now worth on screen. A $500 million bid for seven years of exclusive adaptation rights — and an $800 million counter — would have ranked among the biggest licensing deals in gaming history. And the fact that it was Netflix doing the bidding, the same company that turned The Witcher and Cyberpunk: Edgerunners into global hits and is currently shopping a $500 million-plus appetite for game adaptations, underlines how central gaming has become to Hollywood’s content pipeline.
For now, Xbox’s screen ambitions continue on a smaller scale: the Minecraft movie franchise and the Diablo animated series are already in motion, and Sharma’s team is reportedly open to more partnerships — just not one giant check.
Sources
- Eurogamer — With Minecraft and Diablo shows already on the way, Netflix reportedly offered Xbox $500m for a bigger film and TV deal
- GamesRadar — Netflix reportedly wanted a $500 million film and TV deal with Xbox – but the counter offer was $800 million
- GamingBolt — Netflix Offered Xbox $500 Million to Adapt its IP, Xbox Countered With $800 Million – Rumor