Netflix says Warner Bros. deal would strengthen Hollywood, NYT reports

Netflix (NFLX) co-CEO Ted Sarandos told U.S. lawmakers on Tuesday that its proposed $83B acquisition of Warner Bros. Discovery (WBD) would strengthen Hollywood by expanding domestic production, preserving jobs, and investing in assets Netflix lacks, David McCabe of The New York Times reports. Executives pushed back on antitrust concerns that the deal could lead to higher prices or harm talent, as senators pressed the company on market power and consumer impact. “We’re buying a company that has assets that we do not, and we will keep investing in Warner Bros.,” Sarandos said. “And we’ll keep growing the American entertainment industry.”