Senate Sets February Hearing Date for Netflix-WBD Merger

The U.S. Senate Judiciary antitrust subcommittee has scheduled a Feb 3, 2026, hearing to examine Netflix, Inc.’s proposed acquisition of Warner Bros. Discovery (WBD). Netflix co-CEO, Ted Sarandos, is expected to testify on that day, according to Senate Judiciary antitrust subcommittee chairman Mike Lee's (R-UT) spokesperson.

Cory Booker (D-NJ) would join the hearing as ranking member. Lee said the proposed tie-up between Netflix and Warner Bros. Discovery raises serious questions about competition, market power, and long-term consumer choice.

The Netflix-WBD deal “appears likely to raise serious antitrust issues, including risk of substantially lessening competition in streaming markets,” Lee wrote in a letter to both Netflix and WBD, according to a Wall Street Journal report. He further added that this consolidation “raises concerns about potential abuse of the merger review process,” mostly if the acquirer gets “competitively sensitive information under the guise of due diligence.” 

Similar concerns have been voiced by antitrust authorities, along with Republicans and Democrats alike, since late 2025. Recently, Federal Communications Commission (FCC) Chairman, Brendan Carr, has also echoed “legitimate competition concerns” surrounding the deal. However, neither of them has mentioned Paramount as Netflix's rival.

The latest escalations follow Paramount Skydance’s lawsuit against Warner, which demands a disclosure of WBD’s agreement with Netflix.

Shareholder Votes and Strategic Assurances, Despite Pressure Around Netflix-WBD Merger

The Senate hearing follows a key development in the WBD assets acquisition. More than 93% of Warner Bros. Discovery shareholders recently rejected what the company described as an “inferior” hostile bid from Paramount on Jan 22. The decisive vote strengthened WBD’s board-backed Netflix merger while sidelining Paramount’s competing offer, which executives have argued undervalued the company and added execution risk.

Additionally, Netflix has taken steps to reassure stakeholders and authorities that the streaming company would maintain creative liberty and the current team infrastructure of HBO. The “HBO team is good at working with that talent and giving them the environment that they need to tell those amazing stories,” Netflix co-CEO emphasized during his interview with Stratechery, affirming that they only intend to distribute the programs to a “bigger audience.”

Even with shareholder backing and public commitments on creative independence, the Netflix–Warner Bros. Discovery deal continues to face a widening array of obstacles. Even though the WBD board and most of its shareholders have rejected Paramount’s bid, Ellison and Paramount Global representatives can speak with investors till Feb 20, 2026 due to its extended filings with U.S. Securities and Exchange Commission (SEC).