Central to the Senate’s scrutiny are antitrust concerns. Critics argue that combining Netflix’s dominant global subscriber base with Warner Bros.’ significant content assets could significantly weaken competition, disadvantage rival platforms, and limit choices for consumers.
In a major development poised to reverberate across the global entertainment industry, the United States Senate is preparing to examine the proposed acquisition of Warner Bros. by streaming giant Netflix, in what has become one of the most closely watched media deals in recent history. Scheduled for 3 February 2026, the hearing will be conducted by the Senate Judiciary Committee’s antitrust subcommittee as lawmakers assess whether the proposed $83 billion transaction threatens competition, consumer choice, and the broader structure of the media marketplace.
Netflix’s bid to acquire Warner Bros. – including its storied film and television studios and the HBO Max streaming service -represents a watershed moment for the entertainment sector. If completed, the deal would dramatically reshape the landscape, giving Netflix control of some of Hollywood’s most valuable franchises and content libraries. However, it has also drawn sharp attention from regulators, lawmakers, and industry stakeholders who fear that such a consolidation could create an unprecedented concentration of market power in an already competitive streaming environment.
Central to the Senate’s scrutiny are antitrust concerns. Critics argue that combining Netflix’s dominant global subscriber base with Warner Bros.’ significant content assets could significantly weaken competition, disadvantage rival platforms, and limit choices for consumers. These considerations extend beyond U.S. borders; in the UK, over a dozen politicians and former policymakers have separately urged the Competition and Markets Authority (CMA) to initiate a comprehensive review of the deal, citing similar competition-related fears.
At the heart of the Senate’s inquiry is whether the proposed acquisition is consistent with antitrust principles intended to preserve healthy market competition. The February hearing will feature testimony from key industry figures, including Netflix co-CEO Ted Sarandos and Warner Bros. executive leadership, who are expected to defend their vision for the merger.
Although Congress itself does not possess direct power to approve or block the merger, such hearings play a critical role in shaping public debate, influencing regulatory review, and placing pressure on enforcement agencies like the Federal Trade Commission (FTC) and the U.S. Department of Justice (DOJ)-the bodies ultimately responsible for antitrust approval.
The Senate scrutiny reflects bipartisan unease about the proposed transaction. Prominent lawmakers across party lines have voiced reservations – from Republican Senator Mike Lee, who has warned that the deal could operate as a “killer non-acquisition” by weakening competition during the review process, to Democratic lawmakers who frame the merger as a potential “anti-monopoly nightmare” that might adversely affect consumers and workers alike.
This political backdrop underscores how media consolidation has become a flashpoint in antitrust policy, particularly within the digital and streaming era. The transaction also intersects with broader regulatory dynamics, as both U.S. and international authorities – including the UK’s CMA and the European Union’s competition regulators – consider their own reviews. Such parallel scrutiny highlights the global stakes involved, given the international reach of both Netflix and Warner Bros.’ content.
For Netflix, the acquisition represents a bold strategy to cement its leadership position amid intensifying competition from rivals such as Disney, Amazon, and Apple. Access to Warner Bros.’ vast historical content – from iconic film franchises to premium television offerings – could enrich Netflix’s portfolio and bolster its appeal to subscribers worldwide.
Nonetheless, substantial regulatory resistance could complicate or delay the transaction. A prolonged review by antitrust authorities may subject the deal to legal challenges and operational uncertainty. Even if the Senate hearing does not block the deal outright, its findings could inform subsequent regulatory actions that shape the conditions under which the acquisition proceeds.
The Senate’s forthcoming hearing on the Netflix–Warner Bros. acquisition stands as a defining moment in the interplay between media consolidation and competition policy. It encapsulates fundamental questions about market power, consumer welfare, and the future structure of the entertainment industry. While the outcome remains uncertain, this high-profile governmental review will influence the regulatory trajectory and public understanding of one of the most consequential media deals of the decade.