Video game adaptations are all the rage right now, with movie and TV projects in various stages of development, and Netflix is looking to strike while the proverbial IP iron is hot. The streaming giant already has a deal in place with Microsoft to develop a Gears of War movie, and it's looking to grab more Xbox IP to build new franchises. The only problem? Microsoft's price tag was reportedly quite a bit more than Netflix was willing to pay.
That's according to entertainment journalist Matthew Belloni, who wrote in a Puck News report that Netflix had offered Microsoft $500 million for seven years to exclusively license Xbox titles for film and TV. Xbox CEO Asha Sharma and the brand's business affairs team countered by demanding $800 million, prompting Netflix to rescind the offer.
While Netflix has declined to comment on the report, Xbox told Belloni it had received "record-breaking interest" in its IP and still values Netflix as a partner on upcoming projects.
Belloni added that Xbox is now "pursuing smaller deals with more partners," like the Diablo animated series under development at Netflix, another season of Fallout at Prime Video, the Call of Duty movie at Paramount, and a sequel to A Minecraft Movie at Warner Bros. Pictures. Xbox is also expanding its multimedia ambitions; earlier this month, it announced Xbox XP. This new arm of the company, devoted to movies, TV, merchandise, theme parks, and live events, will be headed by Lucasfilm veteran Kayleen Walters.
Xbox Pictures is one of its subdivisions, and it'll develop film and television projects, as well as other forms of "linear storytelling" using Xbox IP.