Netflix Co-CEO Ted Sarandos will testify before a U.S. Senate panel on Tuesday. The hearing concerns the company's proposed $82.7 billion acquisition of Warner Bros. Discovery. Senator Mike Lee leads the session.
Lawmakers will scrutinize the merger's effect on competition within the streaming and entertainment industry. They expect to question Sarandos and Warner Bros. Chief Strategy Officer Bruce Campbell. The questioning will focus on implications for consumers, workers, and rival companies.
The Department of Justice currently reviews the transaction. The deal faces a competing hostile bid from Paramount Skydance. Warner Bros.' extensive content library is the key asset sought by both suitors. This library includes major franchises like 'Harry Potter' and DC Comics.