Netflix Stands Firm on $83B Warner Bros. Acquisition at Senate Hearing
Netflix co-CEO Ted Sarandos made a stand at a Senate Judiciary subcommittee hearing this week, defending the streaming giant’s monumental $82.7 billion acquisition of Warner Bros. Discovery’s studios, HBO, and streaming assets. The deal is currently under the microscope, facing rigorous scrutiny from lawmakers and industry groups.
The all-cash transaction, which Netflix revised from its original mixed cash-and-stock offer in January 2026, is set to merge Netflix’s 325 million global subscribers with HBO Max’s 130 million subscribers. This merger would create an unprecedented entertainment powerhouse. The deal is projected to close 12-18 months from the original December 2025 announcement.
During the heated hearing, Sarandos found himself under fire from both Democrats, worried about potential job losses and reduced consumer choice, and Republicans, questioning Netflix’s alleged political bias. Sarandos firmly stated, “Netflix has no political agenda of any kind,” while highlighting that the merger would stimulate economic growth and deliver value to consumers.
The National Association of Theatre Owners cautioned the Senate, predicting the merger’s results would be “economically and culturally catastrophic,” foreseeing fewer theatres, shorter windows, and fewer jobs. In the meantime, rival Paramount Skydance has launched a hostile $108.4 billion bid for the entirety of Warner Bros. Discovery at $30 per share. Despite this, WBD’s board continues to recommend Netflix’s offer.
Source: NBC News