Netflix co-CEO Ted Sarandos and Warner Bros. chief strategy officer Bruce Campbell are headed to Capitol Hill to testify before the Senate in February, according to Bloomberg.
The hearing will focus on the antitrust implications surrounding the two companies’ $83 billion deal for the latter’s streaming and studio assets.
Representatives for Netflix declined to comment. Warner Bros. Discovery did not immediately return TheWrap’s request for comment.
Republican Sen. Mike Lee, who serves as chairman of the Senate Judiciary Committee’s Subcommittee on Antitrust, Competition Policy and Consumer Rights, teased last month that a hearing focused on the deal would be “almost certain,” warning that it has “a lot of antitrust red flags.”
Democrat Sen. Elizabeth Warren also knocked the deal as an “anti-monopoly nightmare,” warning it would “create one massive media giant with control of close to half of the streaming market.”
“It could force you into higher prices, fewer choices over what and how you watch, and may put American workers at risk,” she added in a statement following the original announcement of the deal.
The Senate hearing follows a similar hearing in the House, in which the Judiciary Committee’s Subcommittee on Administrative State, Regulatory Reform and Antitrust brought in a panel of experts to “start a much-needed conversation about whether further consolidation in the streaming industry would be helpful or harmful to consumers.”
In addition to fielding questions about the implications and concerns of potential merger deals with both Netflix and Paramount, including potential job losses, reduced competition and an increase in prices, the conversation also covered what antitrust regulators may look for in a review and the Trump administration’s politicization of antitrust policy, specifically as it pertains to merger reviews.
The president, who has suggested he would be directly involved in the approval of any deal with Warner Bros. Discovery, acquired up to $1 million in corporate bonds from both WBD and Netflix in the days following their merger announcement.
Netflix is engaging with regulators, including the European Commission and Department of Justice, the latter of which has issued a second request for information as part of its review of the transaction. The streamer has said it expects a deal to close within 12 to 18 months from when its original agreement was announced.
During Netflix’s fourth quarter earnings call, co-CEO Greg Peters said the streamer accounts for less than 10% of TV time in all major markets where it competes, a core argument as it tries to convince regulators that it’s not a TV giant.
“We’ve got hundreds of millions of households around the world still to sign up,” Peters said. “We’re just about 7% of the addressable market in terms of consumer and ad spend. So tons of room ahead of us.”
Sarandos added that the Warner Bros. deal would allow the company to significantly expand production capacity in the U.S., keep investing in original content long-term and offer more jobs and opportunities to creative talent. He also promised to keep the 45-day theatrical window in place for Warner Bros. films.
“It’s got three core businesses that we don’t currently have. So we’re going to need those teams,” Sarandos said. “These folks have extensive experience and expertise. We want them to stay on and run those businesses. So we’re expanding content creation, not collapsing it in this transaction.”
Sarandos also pointed to growing competition in the market, from YouTube bidding on the Oscars and the NFL to Amazon owning MGM, Apple competing for the Emmys and Oscars and Instagram “coming next” with plans to bring its Reels offering to TVs.
In addition to scrutiny from regulators, Paramount has launched a $108.4 billion hostile takeover bid and a proxy battle seeking to thwart the Netflix deal.
Paramount Chief Legal Officer Makan Delrahim has argued that the Netflix deal is anticompetitive and “presumptively unlawful” in a letter to House lawmakers, saying it would further cement the company’s dominance in streaming. Netflix ended 2025 with a total of 325 million paid subscribers, while Warner Bros. Discovery last disclosed a total of 128 million streaming subscribers, a figure that includes both HBO Max and Discovery+.
Paramount CEO David Ellison has also been traveling overseas, trying to convince European regulators of the risks associated with a Netflix deal. In a letter to shareholders on Thursday, he claimed the Netflix deal is “particularly challenged” in Europe, where it is “by far the dominant streaming service and where WBD’s HBO Max is its only viable international competitor.”
“Netflix has unsuccessfully sought to address these concerns by putting forward a non-credible market definition of the streaming market that includes services like YouTube, TikTok, Instagram and Facebook and that no regulator has ever accepted,” the letter continued. “By contrast, the combination of Paramount and WBD is pro-competitive, with moviegoers, studio workers and creative talent all set to thrive thanks to the combined company’s expanded theatrical film production and content.”
Paramount, who is also engaging with regulators including the DOJ and EC, has said a potential deal would close within 12 months. As of Wednesday, 168.5 million shares, or around 7% of WBD’s total 2.48 billion outstanding shares, have been validly tendered and not withdrawn, though shareholders can do so at any time before the extended Feb. 20 deadline.
In addition to the extension, Ellison has sued to obtain additional disclosure around how the Netflix deal and Discovery Global spinoff were valued. It also has launched a proxy war in an effort to convince shareholders to vote against Netflix’s revised, all-cash deal and the spinoff of Discovery Global, as well as a proposal for WBD executives’ compensation arrangements tied to the deal. The move comes after Paramount previously announced its intention to nominate directors to Warner Bros. Discovery’s board to engage further with its offer.
“Once again, Paramount continues to make the same offer our Board has repeatedly and unanimously rejected in favor of a superior merger agreement with Netflix. It’s also clear our shareholders agree, with more than 93% also rejecting Paramount’s inferior scheme,” Warner Bros. Discovery said in a statement on Thursday. “We are confident in our ability to achieve regulatory approval for the Netflix merger and look forward to delivering the tremendous and certain value our agreement will provide to Warner Bros. Discovery shareholders.”
