Netflix Drops Warner Bros. Bid as Senate Antitrust Hearing Is Canceled
The antitrust panel scrapped next week’s session following Warner Bros. naming Paramount’s bid a superior proposal.
Overview
- Sen. Mike Lee canceled the March 4 hearing after Netflix announced it would not pursue the Warner Bros. acquisition.
- Lee said the withdrawn deal posed serious antitrust concerns and called the reversal a win for consumers.
- A planned session would have been the second congressional review after Ted Sarandos testified earlier this month.
- Sen. Cory Booker urged Paramount CEO David Ellison to testify next week, citing Ellison’s prior pledge to appear if Paramount moved to buy Warner Bros. Discovery.
- Lee offered no indication of holding a new hearing on Paramount’s proposal despite Warner Bros. Discovery designating it a Company Superior Proposal.