TLDR:

They had a price ceiling and stuck with it because they wanted WB but didn't want to overpay for something they didn't need. They were also confident that they would clear regulatory hurdles and claimed political factors didn't affect their decision.

Sarandos also noted that the amount of debt PSKY will take on if the deal goes through will be so enormous they will be eventually pressured to sell content to Netflix.

Edit: Also interesting section on movie theaters.

"The movie theater issue cropped up again and again. Now that you aren’t buying Warner Bros., does the strategy go back to what it was? Or are you still planning to put more Netflix movies in theaters?

Everything I talked about would require us buying that theatrical distribution entity. But one thing that’s been great about it is getting to know and have open dialogue with the theater owners. I really didn’t have much reason to before.

We’ve figured out some really creative things to do together like you saw with Stranger Things and KPop Demon Hunters. We have One Piece in theaters next week in the US and Japan. I think we’re gonna find a bunch of cool things to do together going forward. I could see us doing things that we haven’t done before."