Netflix co-chief executives Ted Sarandos and Greg Peters said the company remains cautious about major acquisitions amid speculation that it could pursue deals involving Lionsgate, NBCUniversal or Peacock. They stressed that Netflix is primarily a builder rather than a buyer, while leaving open the possibility of producing, licensing and partnering to broaden its offering.

The comments followed mixed second-quarter results and a forecast of slightly slower third-quarter growth, which sent Netflix shares almost 9% lower in after-hours trading; the stock has fallen more than 40% over the past year. Netflix recently dropped its pursuit of Warner Bros Discovery, receiving a $2.8 billion break-up fee, and Peters highlighted its partnership with French broadcaster TF1 as an example of helping other services reach Netflix’s 330 million households; reports have also suggested possible Peacock collaboration and FAST channels.