Netflix Inc. and Warner Bros. Discovery Inc. faced a skeptical Senate panel Tuesday as their executives defended their $82.7 billion media merger against lawmakers’ concerns about the proposed tie-up and its impact on streaming consumers and Hollywood workers.
“We will give consumers more content for less,” Netflix co-Chief Executive Officer Ted Sarandos told the Senate’s antitrust subcommittee, adding that the combination would help improve distribution of Warner Bros.’ iconic films.
About 80% of subscribers to Warner Bros.’s HBOMax also subscribe to Netflix, he said, making the point that consumers often subscribe to multiple streaming services. Combining Netflix and Warner Bros. ...
