Netflix Co-CEO Ted Sarandos testifies before Senate on Netflix-Warner Bros. deal — 2/3/2026

Watch on YouTube ↗  |  February 03, 2026 at 21:42  |  2:04:40  |  CNBC
Speakers
Ted Sarandos — Co-CEO, Netflix
Bruce Campbell — Chief Revenue and Strategy Officer, Warner Bros. Discovery
Mike Lee — Founder, Michael Lee Strategy
Cory Booker — Ranking Member, Senate Antitrust Subcommittee
Ted Cruz — Senator (R-TX)

Summary

The Senate Antitrust Subcommittee held a hearing on Netflix's proposed $83 billion acquisition of Warner Bros. Discovery's studio and streaming assets. Netflix Co-CEO Ted Sarandos and WBD Chief Revenue and Strategy Officer Bruce Campbell testified that the deal would strengthen U.S. entertainment, preserve consumer value, support theatrical windows, and allow continued investment in content. Senators raised antitrust, labor, pricing, and ideological concerns, while also questioning political influence around the merger review.

  • Netflix and WBD executives defend the proposed $83B merger.
  • Deal would combine Netflix's distribution with Warner Bros.' studio, HBO Max, and content library.
  • Executives commit to 45-day theatrical windows and increased U.S. production.
  • Netflix says it remains affordable at about 35 cents per viewing hour.
  • Senators raise antitrust fears over streaming concentration and labor impact.
  • WBD plans to spin off CNN and other networks into Discovery Global.
  • Political influence and Trump's stock purchases are debated.
  • Hearing ends with record kept open for a week.
Ideas
Ted Sarandos Co-CEO, Netflix 25:05
Merger strengthens Netflix content and distribution.
A combined Netflix and Warner Bros. would strengthen the American entertainment industry and create value for consumers and creators. Netflix would add Warner Bros.' century of iconic IP, world-class theatrical distribution, and television studios it does not have, with little overlap because 80% of HBO Max subscribers already subscribe to Netflix. Sarandos argues this is not a typical media merger with duplicate assets, so Netflix can keep investing in Warner Bros. and grow the combined business.
NFLX HIGH
Ted Sarandos Co-CEO, Netflix 28:54
Netflix supports theatrical release windows.
Netflix will support theaters by keeping Warner Bros.' theatrical distribution business and honoring traditional 40-45 day exclusive release windows. Since Netflix now owns a great theatrical distributor that did $4 billion in box office, Sarandos says Netflix wants to win in theatrical and invest in movies people go out to see, which should keep the theater business intact.
Movie theaters MED
Bruce Campbell Chief Revenue and Strategy Officer, Warner Bros. Discovery 34:31
Netflix offer best for WBD.
WBD's board unanimously determined that Netflix's offer is the best opportunity for the company. The vertical merger would let Netflix expand movie and TV production with Warner Bros. studio assets, give Warner production access to Netflix's popular distribution platform, and permit the planned separation of the networks business. Warner Bros. studio is profitable standalone but should grow more under Netflix.
WBD HIGH
Bruce Campbell Chief Revenue and Strategy Officer, Warner Bros. Discovery 45:34
Netflix platform superior to WBD's.
Netflix's streaming platform is the best technology available and superior to Warner Bros. Discovery's platform. Campbell argues that moving HBO Max content onto Netflix and potentially bundling the services at a discount would improve the consumer experience and strengthen the combined platform.
NFLX MED
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This CNBC video, published February 03, 2026, features Ted Sarandos, Bruce Campbell discussing NFLX, Movie theaters, WBD. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Ted Sarandos, Bruce Campbell  · Tickers: NFLX, Movie theaters, WBD