Netflix reportedly offered Microsoft $500 million over seven years to license Xbox IP for film and television adaptations.
As news site Puck reports, Asha Sharma and other Xbox executives are said to have declined, requesting $800 million instead.
Sources told the publication that Netflix’s former chief content officer Bela Bajaria made the offer. She departed earlier this month and was replaced by former Disney and Fox executive Peter Rice.
Following Bela’s departure, the deal has reportedly been withdrawn. Puck reports that Xbox is now pursuing smaller deals with additional partners.
Netflix declined to comment about the alleged offer, though Xbox provided a statement which read:
“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.”
Earlier this month, Xbox announced its XP division to deliver transmedia spinoffs, including film, TV, and theme parks.
The new unit is led by Kayleen Walters, the current president of Minecraft developer Mojang Studios.
In an email sent to Xbox employees, Sharma said: “We wanted someone who has built products for communities at enormous scale, who is deeply technical, and who understands how creators, product, technology, and monetisation come together. Maria brings a rare combination of those experiences.”
The expansion of Xbox’s IP comes amid the ongoing reset, which has seen the loss of around 3,200 jobs and the divestment of five studios, including Arkane Lyon.
Microsoft has extended the consultation period by one month to seek a new buyer for the French studio as it continues development on Marvel’s Blade.