"Netflix struggled to reassure sceptical lawmakers that its proposed $82bn (61bn) takeover of Warner Bros Discovery would benefit consumers, workers and the broader entertainment industry. On Tuesday, members of the US Senate antitrust subcommittee, which includes both Democrats and Republicans, raised concerns about reduced competition, potential price rises and the future of cinemas if the merger goes ahead."
"During the hearing, senators quizzed Netflix cochief executive Ted Sarandos on the fate of theatres if the deal were to be approved, the effects of the merger on subscription prices and on the entertainment workforce. Sarandos said his company would commit to releasing Warner Bros films for a 45day theatrical period - the current industry standard - and pledged to run the studio "largely as it is today"."
Netflix proposed an $82bn takeover of Warner Bros Discovery that would give Netflix control of film and television studios and the HBO Max streaming service. The US Senate antitrust subcommittee raised bipartisan concerns about reduced competition, potential subscription price increases, theatres’ futures and effects on the entertainment workforce while the Department of Justice reviews the deal. Netflix committed to a 45-day theatrical release window, pledged to run the studio largely unchanged, and argued the merger would deliver more content to consumers for less while creating more American jobs. Rival Paramount Skydance submitted a competing offer.
Read at www.bbc.com
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