Meghan Markle Breaks Silence on Her New “First-Look” Netflix Deal After “Downgrade” Claims

At Fortune’s Most Powerful Women Summit this week, Meghan Markle addressed a topic that’s been swirling in royal and media circles: the shift in her and Prince Harry’s Netflix agreement. Once framed by critics as a step down, Meghan reframed it as a move toward autonomy, flexibility—and strength.

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From Big Deal to First-Look: What Changed

Back in 2020, Meghan and Harry signed a multi-year overall content deal with Netflix, reportedly worth around $100 million. Under that deal, Netflix had broad rights to their projects, and many saw it as a bold signal of confidence in their post-royal media ambitions.

Now, however, they’ve transitioned to a “first-look” agreement. Under this structure, Netflix retains the option to take new projects first—if it passes, Meghan and Harry are free to pitch them elsewhere. Some in the press have described this shift as a “downgrade” or evidence that Netflix's faith in them has waned.

At Fortune, Meghan pushed back on that narrative. She acknowledged the change but framed it as an evolution in partnership—one that preserves creative freedom. She compared the new deal to the model used by Barack and Michelle Obama’s production company, Higher Ground, urging that moving to first-look doesn’t mean weakening ties—it can signal trust.

“My husband and I were in an overall deal with Netflix then … once that had come to its term … now being in a first-look deal … gives us flexibility to go to our partners first, then … shop content that might not be the right fit for Netflix but has a home somewhere else.” 

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“Downgrade”? Meghan Says It’s Strength

The term “downgrade” has been floated in headlines, with some speculating that Netflix may be distancing itself. But Meghan argued that the new format is less about diminishing value and more about strategic adaptation.

She described the first-look deal as a sign of the strength of their ongoing collaboration, not its unraveling. According to Meghan, it’s an arrangement built on trust, allowing her team to present content to Netflix while retaining the option to explore other homes when appropriate.

In effect, she’s positioning the new deal as a more mature, flexible model—one that allows creative control without being wholly locked into a single platform.

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What It Means for “With Love, Meghan” and Beyond

One of the biggest questions on everyone’s mind: What happens to With Love, Meghan under this new agreement?

Meghan didn’t confirm whether a full third season is coming. Instead, she announced a holiday special due out in November. She also emphasized that the production demands of long-form series are intense, and suggested experimenting with shorter, more modular content (like recipe clips or quick takes) is part of her evolving strategy.

She remarked that after producing two full seasons (eight episodes each), it’s clear how much work goes into such projects—and that creators must adapt to changing audience habits.

Even if With Love, Meghan doesn’t continue in its original form, Meghan made it clear she intends for her lifestyle brand, As Ever, to persist and grow—whether paired with Netflix or not.

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What to Watch Next

• Whether Netflix accepts the holiday special and if it greenlights further seasons under first-look terms.

• Which platforms Meghan and Harry may approach with projects Netflix passes on.

• The response of critics and audiences to any shift to shorter content formats.

• The performance and reception of the holiday special as a bellwether for future creative direction.