Netflix co-CEO Ted Sarandos is scheduled to appear before a Senate committee next month to defend the streamer’s $83 billion deal to buy Warner Bros. studios and streaming operations, and face questions about antitrust implications.
In addition to Netflix executives, Bruce Campbell, Warner Bros.’ Discovery chief strategy officer, will also testify before the committee, Variety confirmed. Sarandos and Campbell’s attendance at the Senate hearing in February was first reported by Bloomberg News. The exact date has not yet been determined.
Sen. Mike Lee (R-Utah), chairman of the Senate Judiciary Subcommittee on Antitrust, Competition Policy, and Consumer Rights, previously expressed skepticism about Netflix’s deal to acquire Warner Bros.
The senator previously signaled plans to hold a hearing on the Netflix-World Bank deal, arguing that “there are a lot of antitrust red flags here.” “Brace yourself for intensive antitrust hearings in the Senate,” Lee wrote in an article for X shortly after Netflix and Warner Bros. Discovery announced their agreement on Dec. 5.
Democrats have also voiced their opposition to the Netflix-World Bank deal. Last month, Sen. Elizabeth Warren (D-Mass.) called it an “anti-monopoly nightmare.”
The Netflix-Warner Bros. merger “could create a giant media giant that controls nearly half of the streaming market, forcing Americans to pay higher subscription prices, reducing their choices in what and how they watch, and putting American workers at risk,” Warren said at the time.
Netflix announced that it ended 2025 with more than 325 million streaming subscribers worldwide. WBD had 128 million streaming subscribers as of September 2025, including customers of HBO Max, Discovery+ and its sports streaming services.
Paramount Skydance, led by David Ellison, continues its full-scale hostile takeover of Warner Bros. Discovery and has repeatedly insisted that Netflix’s deal with WB faces an uphill battle, even as it calls on WBD shareholders to vote against the Netflix deal.
“In contrast to the merger with Paramount, which strengthens competition and strengthens the long-term prospects of the entertainment industry, the transaction with Netflix further entrenches market concentration and faces significant regulatory risks,” Paramount Skydance said in a statement Thursday. The company said Netflix and HBO Max together would have an estimated 43% share of global streaming subscribers, which Paramount claimed would lead to “higher prices for consumers, lower compensation for content creators and talent, and significant harm to U.S. and international theatrical companies.”
Meanwhile, Hollywood groups, including the WGA, oppose the Netflix-Warner Bros. merger, arguing that the merger would result in job losses and higher consumer prices. Cinema United, a trade group for theater owners, reported to Congress earlier this month that the proposed partnership would result in theater closures and job losses.
Both Netflix and WBD have expressed confidence that their agreement will pass regulatory discussions. “We strongly believe that regulators will view this transaction for what it is: pro-consumer, pro-innovation, pro-worker, pro-creator, pro-growth and pro-competition,” Sarandos and co-CEO Greg Peters wrote in a Dec. 17 letter to WBD shareholders supporting the deal.
When it comes to antitrust issues, Netflix has positioned its primary competitive set as overall television viewing (including YouTube, which is watched on big-screen TVs). For example, Netflix accounted for 9% of total TV hours watched in the US in December, compared to YouTube’s 12.7%, according to Nielsen. “We enjoy competition and strive to further capture the attention of consumers. Despite years of success, our share of TV viewing time in the major markets in which we operate remains less than 10%,” Netflix said in its fourth quarter 2025 letter to shareholders.
This week, Netflix and WBD each filed antitrust applications with Hart Scott Rodino (HSR) and announced they were “coordinating with competition authorities,” including the U.S. Department of Justice and the European Commission. “Netflix and WBD remain committed to working closely with regulators and all stakeholders to ensure a smooth and successful transaction,” the companies said.
On January 20, Netflix stepped up its deal to acquire Warner Bros. Discovery’s television and movie studios and HBO Max streaming business, replacing its previous cash and stock deal with an all-cash offer. The move was aimed at undermining Paramount’s argument that its proposed deal was better than Netflix’s because Paramount’s $30 per share offer was all cash.
