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Netflix Co-CEO sees no current path to profitability in ‘renting big sports’ By Reuters

© Reuters. Ted Sarandos, Chief Content Officer and Co-Chief Executive Officer of Netflix, attends a premiere for the film “The School for Good and Evil” in Los Angeles, California, U.S. October 18, 2022. REUTERS/Mario Anzuoni/File Photo

(Reuters) – Netflix Inc (NASDAQ:) Co-Chief Executive Ted Sarandos on Tuesday said he sees no sees no current path to profitability by bringing live sports to the streaming service.

Sarandos said the economics of professional sports were built around the economics of television — and buying rights is expensive.

“We’ve not seen a profit path to renting ‘big sports today,” Sarandos said in remarks at the UBS Global TMT conference.

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