Netflix Vows to Keep HBO's Team, But Leaves Max's Future Hazy

Netflix co-CEO Greg Peters is trying to calm investor nerves over its pending Warner Bros. acquisition, telling Ben Thompson of Stratechery that the company will keep HBO’s vaunted leadership team in place. The move is a clear attempt to reassure stakeholders that Netflix won't interfere with the creative magic that has made the network a success.

• Hands off the crown jewel: HBO has long been considered the crown jewel of television, a reputation Netflix is keen to leverage rather than dismantle. "We’re going to keep that HBO team," Peters said, adding that the goal is to give them a "bigger audience" under the prestigious HBO brand.

• A pricey rival: Peters' pledge comes as Netflix faces skepticism over its $83 billion all-cash offer for the Warner Bros. assets. The bid is competing with a larger, $108 billion offer on the table from Paramount Skydance.

• One service to rule them all?: While the creative team's jobs seem safe, Peters was noncommittal about the future of the HBO Max streaming service itself. He called a potential merger with Netflix something "we would want to sort out."

TNetflix is signaling it understands the value of HBO's brand, but the real test will be whether it can successfully integrate the asset while preserving the very culture that makes it so valuable. The corporate drama is escalating as Peters dismissed Paramount's bid as not passing the "sniff test," a move that comes as Paramount reportedly considers suing to block the deal.