Xbox reportedly turned down a $500 million deal from Netflix to adapt its video

Imran Khan,Contributing Editor

October 26, 2026

schedule1 Min ReadImage via Warner Bros.

With video game adaptations to film and TV being all the rage lately, it's not shocking that major content producers like Netflix are seeking more adaptable material. According to some new reporting from Puck, Netflix reportedly sought a $500 million deal with Microsoft's Xbox for seven years of exclusive rights to adapt its full suite of properties for TV and film. Puck also reports that Xbox turned that deal down, trying to raise the asking price to $800 million, a number that seemingly caused Netflix to balk and walk away.

Puck's reporting also also suggests that a key factor was the involvement Bela Bajaria, Netflix's chief content officer, who exited the role earlier this month. The newsletter suggests that without Bajaria there to fight for the initiative, there was little appetite at Netflix for prolonged negotiation.

The proposed deal would have put the entire Xbox property catalog on the table for adaptations, including Halo, Gears of War, Fable, and more. It seems that Xbox values these properties at higher than Netflix was willing to pay, however, as the 60 percent increase in the proposed payment was reportedly too much for the streaming giant (Amazon and Warner Bros. have already respectively released adaptations of Fallout and Minecraft).

Whether because this deal felt apart or separate from it, Xbox has recently introduced a division specifically to deal with multimedia adaptations like the ones Netflix was proposing called XP.

Netflix and Xbox are still working together on some adaptations. The multimedia company announced a Diablo TV series at the recent Blizzcon 2026. The two also announced a Minecraft TV series in 2024.

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About the Author

Imran Khan

Contributing Editor

Imran Khan has been in the games industry in various forms for over two decades. He has been a former senior editor at Game Informer, a professional loudmouth at Kinda Funny, and news director at Fanbyte. He has also been doing PR for Vicarious PR and Head of U.S. PR for Japanese VR studio MyDearest, in addition to Producer work on their latest title Brazen Blaze.

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