Xbox Turns Down Netflix $500 Million Offer

Netflix reportedly offered Microsoft $500 million for a seven year deal that would allow the streaming giant to adapt shows and films about Xbox characters.

Puck broke the news, indicating that Microsoft responded with an offer for $800 million – as a result, the deal has reportedly fallen through.

In a statement to Puck, Xbox said, “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.”

Microsoft is now said to be in pursit of “smaller deals with more partners,” doing things on a case-by-case basis rather than an overarching exclusivity deal.

Microsoft previously partnered with Paramount to produce the live-action “Halo” series, which ran for two seasons. They currently have a “Call of Duty” film in the works at Paramount, a third season of “Fallout” at Amazon and a sequel to “A Minecraft Movie” opening next year.

Titles like “Gears of War,” “The Elder Scrolls” and “Sea of Thieves” are also being pitched for possible adaptations.

Netflix has various works based on games coming out, including the animated “Cyberpunk: Edgerunners” which returned this week.