Even if Netflix were to acquire Warner Bros., the company would still be behind YouTube in terms of total viewing time as measured by Nielsen. Netflix’s Co-CEO Greg Peters brought up this point while speaking at UBS’ 2025 Global Media and Communications Conference in New York on Monday.
“We go from 8% of viewed hours today in the United States to 9%. We’re still behind YouTube at 13%,” Peters said, referring to what would happen if the company acquired HBO and HBO Max.
Based on the Media Distributor data Nielsen released for the month of November, Netflix accounted for 8% of total U.S. viewership, while streamers and networks owned by Warner Bros. Discovery accounted for 5.6%. That 5.6% also includes the company’s linear assets, which Netflix is not interested in purchasing. That’s why Netflix only counted HBO and HBO Max as 1%. As for YouTube, the company once again came out on top with 12.9% of total viewership for the month.
Peters also made the point that if Paramount, which accounted for 8.2% of November viewership, purchased all of Warner Bros. Discovery, it would account for 13.8% of all U.S. viewership. That would put the combined companies ahead of both Netflix and YouTube.
“We think that there’s a really strong fundamentals-based case here for why regulators should approve this deal” Peters said.
It was a strategic point to make since some of the criticism around Netflix potentially acquiring Warner Bros. has to do with streaming antitrust concerns. With 128 million subscribers, Warner Bros. Discovery is currently in fourth place when it comes streaming subscribers, and Netflix is at the top of that list with over 300 million global subscribers. Many of the antitrust concerns around Netflix acquiring Warner Bros. note that the top streamer acquiring the fourth largest streamer would discourage competition. By focusing on total viewing time rather than just streaming subscribers, Netflix is seeking to make its potential acquisition seem more competitive.
It’s going to be a long time before we will know whether or not this approach will work. Netflix previously estimated that, if the deal were to go through, it would take 12 to 18 months. Throwing a possible wrench into this timeline is Paramount, which made an all-cash offer for the entire company worth $30 per share. It’s possible that WBD’s shareholders will chose this new deal over Netflix’s. Then we’ll have to have a whole new antitrust conversation.
