Gaming stocks, evening of October 26: Netflix reportedly offered $500 million for Xbox IP

Half a billion dollars was not enough for Xbox. According to a report published today, Netflix tried to buy the right to turn Xbox’s characters and worlds into films and series, and ran into a much higher asking price. The market itself was quiet tonight: no unusual move was reported in any stock on our watchlist, so this column is devoted to that story, the week’s earnings calendar and a look at a company that stayed out of the headlines.

What Netflix offered, and what Xbox asked for

According to the news site Puck, as summarized by GamesIndustry.biz, Netflix offered Microsoft (MSFT, Nasdaq) $500 million over seven years to license Xbox IP for film and television adaptations. Asha Sharma and other Xbox executives are said to have declined, asking for $800 million instead.

Sources told Puck the offer was made by Bela Bajaria, Netflix’s former chief content officer. She left earlier this month and was replaced by Peter Rice, a former Disney and Fox executive. After her departure, the offer has reportedly been withdrawn, and Xbox is now pursuing smaller deals with other partners.

Netflix (NFLX, Nasdaq) declined to comment on the alleged offer. Xbox provided a statement: “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.” The statement neither confirms nor denies the figures.

The background: earlier this month Xbox announced a new XP division to deliver transmedia spinoffs, from film and TV to theme parks, led by Kayleen Walters, president of Mojang Studios. All of this comes as the brand goes through a reset that, according to GamesIndustry.biz, has cost around 3,200 jobs and seen five studios divested, including Arkane Lyon.

On the calendar: a week of earnings

Instead of moves we cannot source, here is what is scheduled for the coming days:

• Thursday, October 29: Roblox (RBLX) reports Q3 results after the market closes, with the investor call at 20:30 UTC, according to the company’s investor site. That morning Paradox Interactive publishes its own report (see below).
• Tuesday, November 3: Remedy’s Q3 business review, as covered in this morning’s column.
• Thursday, November 5: Nintendo reports half-year results, according to the IR calendar on its investor site.
• Monday, November 9: Take-Two reports fiscal Q2 2027 results, with the call at 21:30 UTC, according to the company’s investor page.

The stock market loves headlines, but in gaming, what matters in the end is whether the game is good. Everything else is noise, and it is good that someone is listening.

From the bench: Paradox Interactive

Tonight we look at a watchlist company that did not make the news: Paradox Interactive (PDX, Stockholm).

The Swedish company develops and publishes big strategy games that players stay with for years: Europa Universalis, Crusader Kings, Stellaris, Hearts of Iron and Victoria, plus Cities: Skylines. It also publishes games from other studios, such as Age of Wonders 4 and Vampire: The Masquerade – Bloodlines 2.

According to the company’s half-year report, second-quarter revenue was 524 million Swedish kronor, up 14% from 459 million a year earlier, driven mainly by sales of existing games and new content for them. The report also notes that Paradox’s shares were admitted to trading on the Nasdaq Stockholm Main Market on June 9, 2026, without an offering or issuance of new shares.

What is next: according to the company’s announcement, the interim report for January-September 2026 comes out on October 29 at 07:00 UTC, with a livestream on YouTube at 11:00 UTC.

More from the market

• Side: Game services provider Side has opened a new studio in Chengdu, China, and acquired art outsourcing company Roboto Entertainment. Its founder, Andrea Cordella, becomes Side’s global head of art and head of the new studio. GamesIndustry.biz.
• CD Projekt: Cyberpunk 2077 hit a weekend peak of about 187,000 concurrent players on Steam, its highest since October 2023, according to SteamDB figures cited by GamesRadar. The surge is credited to update 2.5, the second season of Edgerunners and a 70% sale. GamesRadar. We found no report on CD Projekt’s stock.

This column is a journalistic summary only and is not investment advice or a recommendation to buy, sell or hold any security. The writers and the site owner have no personal interest in the companies in this column and hold no shares in them. This information is not a substitute for investment advice that takes into account each person’s data and needs.