Netflix co-CEO Ted Sarandos and Warner Bros. Discovery chief strategy officer Bruce Campbell are scheduled to testify in February before a Senate Judiciary subcommittee examining the antitrust risks of Netflix’s proposed purchase of Warner’s studio and streaming assets, a rare Capitol Hill spotlight for a Hollywood-and-tech merger that is already drawing bipartisan fire.
The hearing, led by Sen. Mike Lee’s Subcommittee on Antitrust, Competition Policy and Consumer Rights, arrives as the companies try to keep momentum on a deal they value at about $82.7 billion. Netflix and Warner amended the agreement this week to an all-cash structure at $27.75 per share, a change meant to give Warner shareholders more price certainty and speed a stockholder vote.
Lawmakers have framed the transaction as a test case for consolidation in streaming. Sen. Elizabeth Warren has called the tie-up an “anti-monopoly nightmare,” warning it could tighten control over what audiences watch and what creators get paid, while Lee has flagged “a lot of antitrust red flags.” Consumer lawyers have also entered the fight, with a proposed class action seeking to block the merger on competition grounds.
Industry pressure cuts both ways. Theater owners have urged regulators to scrutinize the deal, arguing Netflix’s release strategy could shrink the supply of major studio titles in cinemas and hit box office revenue. Netflix has countered by telling investors and regulators it plans to keep Warner’s theatrical model intact, including a 45-day window, and that it expects the acquisition to expand U.S. production capacity rather than trigger mass closures.
The Senate appearance lands amid an active bidding environment around Warner. Paramount Skydance has continued to push a rival bid and has extended its hostile tender-offer deadline to Feb. 20, pressing shareholders to reject Netflix’s proposal while regulators review the transaction.
