Netflix co-CEO Ted Sarandos will appear before a Senate committee next month to address antitrust concerns over the streamer's $83 billion acquisition of Warner Bros.' studios and streaming business. Warner Bros. Discovery's chief strategy officer Bruce Campbell will also testify at the February hearing. The session comes amid opposition from lawmakers and industry groups worried about market concentration and job losses.
The Senate Judiciary Subcommittee on Antitrust, Competition Policy and Consumer Rights, chaired by Sen. Mike Lee (R-Utah), has scheduled the hearing for February, though the exact date remains unset. Lee has voiced strong reservations about the deal, stating there are “a lot of antitrust red flags here” and warning on X after the December 5 announcement: “Buckle up for an intense antitrust hearing in the Senate.”
Sen. Elizabeth Warren (D-Massachusetts) has similarly criticized the merger, calling it “an anti-monopoly nightmare.” She argued it “would create one massive media giant with control of close to half of the streaming market — threatening to force Americans into higher subscription prices and fewer choices over what and how they watch, while putting American workers at risk.”
Netflix ended 2025 with over 325 million global streaming subscribers, while Warner Bros. Discovery reported 128 million as of September 2025, encompassing HBO Max, Discovery+, and sports services. Combined, rivals like David Ellison’s Skydance Paramount estimate they would hold 43% of global streaming subscribers, potentially leading to “higher prices for consumers, reduced compensation for content creators and talent, and significant harm to American and international theatrical exhibitors.” Skydance is pursuing a separate hostile takeover of Warner Bros. Discovery.
Opposition extends to Hollywood organizations, with the Writers Guild of America warning of job eliminations and price hikes, and Cinema United predicting theater closures. Despite this, Netflix and Warner Bros. Discovery remain optimistic. In a December 17 letter to shareholders, Sarandos and co-CEO Greg Peters wrote: “We are highly confident that regulators will see this deal for what it is: pro-consumer, pro-innovation, pro-worker, pro-creator, pro-growth, and pro-competition.”
Netflix views its competition broadly, including all TV viewing; it captured 9% of U.S. TV watchtime in December, trailing YouTube's 12.7%, according to Nielsen. The companies have filed Hart-Scott-Rodino antitrust notifications and are cooperating with the U.S. Justice Department and European Commission. On January 20, Netflix revised its offer to all-cash to counter competing bids.
