Xbox CEO Asha Sharma has made no secret of the fact that she wants to expand the company’s various IPs into cross-media properties that could follow the success of Amazon’s Fallout series. According to a new report by Puck’s Matthew Belloni, Xbox had seemingly gotten an offer from Netflix to license its IP for adaptations.
According to the report, which is part of a longer newsletter article about the new chief content officer of Netflix, Peter Rice, Netflix had offered $500 million to Xbox for the licenses. Xbox has seemingly declined the offer, and instead countered by asking for $800 million. Following this, Netflix has taken the offer off the table. Among those at the streaming giant opposed to Xbox’s asking price is noted to be chief financial officer Spence Neumann.
Following this, Xbox is reportedly pursuing smaller deals for potential adaptations of its properties with a number of different partners. In a statement, the company even said that it has seen “record-breaking” interest in its IP. The company also went on to note that Netflix continues to be a partner that Xbox values.
“We have received record-breaking interest in our IP; Netflix is a valued partner, and we are excited for the forthcoming release of our Minecraft and Diablo animated series together, among other adaptations.”
Sharma’s confidence in Xbox properties was brought up back in July. In an interview, the CEO, along with COO Matt Booty, spoke about the company’s various franchises and IPs, and even brought up how they could potentially compete in the entertainment landscape outside of just games. Booty said that Xbox has “over 20 franchises that have made a billion dollars, lifetime” and that the company has a responsibility to “shepherd” these franchises.
For her part, Sharma spoke about the successes seen by adaptations of Fallout and Minecraft, and even mentioned that the Call of Duty franchise has made quite a bit of money over its decades-long life.
“You won’t see us try to become the biggest linear provider in the world or anything like that, but I think great games are culture, and culture is entertainment,” she said. “If you think about it, we’ve got the number two show of all time on Amazon [Fallout], Minecraft was top 5 in 2025, Call of Duty is bigger than the Marvel Cinematic Universe. So, it all measures. [There’s] more appetite to work with us on titles than ever before.”
Speaking of potential adaptations, the live-action Gears of War movie that is in production at Netflix was described by Booty as focusing on the game franchise’s core of being about “a ragtag crew of soldiers who wage a desperate war for survival against the Locust.” He noted that the production crew is using “Never Fight Alone” as a tagline, which, “when you think about that for a dramatic narrative, it’s a pretty good starting point.”
Booty also confirmed that Halo continues to be an important franchise for Xbox, and the company will be looking at how it could invest in its growth as well.
