Netflix reportedly offered Microsoft $500 million over seven years to license Xbox IP for film and TV adaptations, according to Puck. Neither company has confirmed the figures.

What was reported

  • The offer: reportedly $500 million over seven years.
  • The answer: Xbox's Asha Sharma and other executives reportedly declined and asked for $800 million.
  • Who made it: reportedly Netflix's then chief content officer, Bela Bajaria. She left Netflix this month and was replaced by Peter Rice, formerly of Disney and Fox.
  • Now: the offer has reportedly been withdrawn since her exit, and Xbox is reportedly pursuing smaller deals with other partners.

Netflix declined to comment. Xbox provided a statement, which 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."

Context

Earlier this month Xbox announced XP, a new division covering film and television adaptations, products, partnerships and live experiences. Kayleen Walters, until now at Mojang, leads it as president.

What it means for Xbox fans and Netflix

Xbox's statement points to the forthcoming Minecraft and Diablo animated series with Netflix, and the reported withdrawal of the larger offer does not, on that statement, change them.

What is less clear is a broader Netflix slate of Xbox adaptations. If the reports are right, Xbox is now shopping its franchises to several partners rather than one. That is our read, not something either company has said.

Netflix's own gaming plans are not part of this report, so we draw no conclusion about them.

Related: Xbox Cloud Gaming's pay-as-you-go hours and Netflix's subscriber and layoff news.

What we checked

Puck's article is paywalled, so we read a relay of its reporting and could not see the original. Every figure above is the outlet's reporting, unconfirmed by Netflix or Microsoft. We confirmed the XP division and its leader on Xbox Wire. The quoted statement is as given in that relay.