00:00It's Benzinga, bringing Wall Street to Main Street.
00:03Netflix shares fell after co-CEO Ted Sarandos defended the company's planned $72 billion
00:08acquisition of Warner Brothers and HBO Max during a Senate Judiciary Committee hearing on Tuesday.
00:14According to the Wall Street Journal, lawmakers from both parties raised concerns about market
00:19power, potential price increases, reduced consumer choice, and job losses. Sarandos said Netflix is
00:25not dominant and argued the combined company would represent about 10% of U.S. TV viewing
00:30time, while some senators cited a roughly 30% share of the subscription streaming market.
00:36The Justice Department is investigating the deal and has requested more information from
00:40Netflix and Warner Brothers Discovery. Sarandos said Netflix plans to operate HBO Max and the
00:46Warner Brothers Studio as separate businesses and maintain a minimum 45-day theatrical window.
00:51For all things money, visit Benzinga.com.
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