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80 percent of HBO Max subscribers subscribe to Netflix, Sarandos tells Senate.
Netflix Co-CEO Ted Sarandos testifies before the Senate Judiciary Committee Subcommittee on Antitrust, Competition Policy, and Consumer Rights in the Dirksen Senate Office Building on February 3, 2026 in Washington, DC. Credit: Kevin Dietsch/Getty Images
There is concern that subscribers might be negatively affected if Netflix acquires Warner Bros. Discovery’s (WBD’s) streaming and movie studios businesses. One of the biggest fears is that the merger would lead to higher prices due to Netflix having less competition. During a Senate hearing today, Netflix co-CEO Ted Sarandos suggested that the merger would have an opposite effect.
Sarandos was speaking at a hearing held by the US Senate Judiciary Committee’s Subcommittee on Antitrust, Competition Policy, and Consumer Rights, “Examining the Competitive Impact of the Proposed Netflix-Warner Brothers Transaction.”
Sarandos aimed to convince the subcommittee that Netflix wouldn’t become a monopoly in streaming or in movie and TV production if regulators allowed its acquisition to close. Netflix is the largest subscription video-on-demand (SVOD) provider by subscribers (301.63 million as of January 2025), and WBD is the third (128 million streaming subscribers, including users of HBO Max and, to a smaller degree, Discovery+).
Speaking at today’s hearing, Sarandos said:
Netflix and Warner Bros. both have streaming services, but they are very complementary. In fact, 80 percent of HBO Max subscribers also subscribe to Netflix. We will give consumers more content for less.
During the hearing, Sen. Amy Klobuchar (D-Minnesota) asked Sarandos how Netflix can ensure that streaming remains “affordable” after a merger, especially after Netflix issued a price hike in January 2025 despite it adding more subscribers.
Sarandos said the streaming industry is still competitive. The executive claimed that previous Netflix price hikes have come with “a lot more value” for subscribers.
“We are a one-click cancel, so if the consumer says, ‘That’s too much for what I’m getting,’ they can cancel with one click,” Sarandos said.
When pressed further on pricing, the executive argued that the merger doesn’t pose “any concentration risk” and that Netflix is working with the US Department of Justice on potential guardrails against more price hikes.
Sarandos claimed that the merger would “create more value for consumers.” However, his idea of value isn’t just about how much subscribers pay to stream but about content quality. By his calculations, which he provided without further details, Netflix subscribers spend an average of 35 cents per hour of content watched, compared to 90 cents for Paramount+. The Netflix stat is similar to one provided by MoffettNathanson in January 2025, finding that in the prior quarter, on average, Netflix generated 34 cents in subscription fees per hour of content viewed per subscriber. At the time, the research firm said Paramount+ made an average of 76 cents per hour of content viewed per subscriber.
Downplaying monopoly concerns
Netflix views WBD as “both a competitor and a supplier,” Sarandos said when subcommittee chair Sen. Mike Lee (R-Utah) asked why Netflix wants to buy WB’s film studios, per Variety. The streaming executive claimed that Netflix’s “history is about adding more and more” content and choice.
During the hearing, Sarandos argued that streaming is a competitive business and pointed to Google, Apple, and Amazon as “deep-pocketed tech companies trying to run away with the TV business.” He tried to downplay concerns of Netflix becoming a monopoly by emphasizing YouTube’s high TV viewership. Nielsen’s The Gauge tracker shows which platforms Americans use most when using their TVs (as opposed to laptops, tablets, or other devices). In December, it said that YouTube, not including YouTube TV, had more TV viewership (12.7 percent) than any other SVOD service, including second-place Netflix (9 percent. Sarandos claimed that Netflix would have 21 percent of the SVOD market if it merged with HBO Max.
We’re in the midst of what’s expected to be a long series of arguments as Netflix and Paramount Skydance attempt to own WBD’s assets. In the most recent developments, Netflix amended its $72 billion offer to be all-cash. Netflix is looking to buy HBO Max and WB’s film studios for $27.75 per share, or an enterprise value of $82.7 billion. Paramount is seeking a hostile takeover and has sued WBD over its Netflix deal. It has offered $108.4 billion at $30 per share for all of WBD, including its cable channels.
Netflix Co-CEO Ted Sarandos testifies before the Senate Judiciary Committee Subcommittee on Antitrust, Competition Policy, and Consumer Rights in the Dirksen Senate Office Building on February 3, 2026 in Washington, DC. Credit: Kevin Dietsch/Getty Images
There is concern that subscribers might be negatively affected if Netflix acquires Warner Bros. Discovery’s (WBD’s) streaming and movie studios businesses. One of the biggest fears is that the merger would lead to higher prices due to Netflix having less competition. During a Senate hearing today, Netflix co-CEO Ted Sarandos suggested that the merger would have an opposite effect.
Sarandos was speaking at a hearing held by the US Senate Judiciary Committee’s Subcommittee on Antitrust, Competition Policy, and Consumer Rights, “Examining the Competitive Impact of the Proposed Netflix-Warner Brothers Transaction.”
Sarandos aimed to convince the subcommittee that Netflix wouldn’t become a monopoly in streaming or in movie and TV production if regulators allowed its acquisition to close. Netflix is the largest subscription video-on-demand (SVOD) provider by subscribers (301.63 million as of January 2025), and WBD is the third (128 million streaming subscribers, including users of HBO Max and, to a smaller degree, Discovery+).
Speaking at today’s hearing, Sarandos said:
Netflix and Warner Bros. both have streaming services, but they are very complementary. In fact, 80 percent of HBO Max subscribers also subscribe to Netflix. We will give consumers more content for less.
During the hearing, Sen. Amy Klobuchar (D-Minnesota) asked Sarandos how Netflix can ensure that streaming remains “affordable” after a merger, especially after Netflix issued a price hike in January 2025 despite it adding more subscribers.
Sarandos said the streaming industry is still competitive. The executive claimed that previous Netflix price hikes have come with “a lot more value” for subscribers.
“We are a one-click cancel, so if the consumer says, ‘That’s too much for what I’m getting,’ they can cancel with one click,” Sarandos said.
When pressed further on pricing, the executive argued that the merger doesn’t pose “any concentration risk” and that Netflix is working with the US Department of Justice on potential guardrails against more price hikes.
Sarandos claimed that the merger would “create more value for consumers.” However, his idea of value isn’t just about how much subscribers pay to stream but about content quality. By his calculations, which he provided without further details, Netflix subscribers spend an average of 35 cents per hour of content watched, compared to 90 cents for Paramount+. The Netflix stat is similar to one provided by MoffettNathanson in January 2025, finding that in the prior quarter, on average, Netflix generated 34 cents in subscription fees per hour of content viewed per subscriber. At the time, the research firm said Paramount+ made an average of 76 cents per hour of content viewed per subscriber.
Downplaying monopoly concerns
Netflix views WBD as “both a competitor and a supplier,” Sarandos said when subcommittee chair Sen. Mike Lee (R-Utah) asked why Netflix wants to buy WB’s film studios, per Variety. The streaming executive claimed that Netflix’s “history is about adding more and more” content and choice.
During the hearing, Sarandos argued that streaming is a competitive business and pointed to Google, Apple, and Amazon as “deep-pocketed tech companies trying to run away with the TV business.” He tried to downplay concerns of Netflix becoming a monopoly by emphasizing YouTube’s high TV viewership. Nielsen’s The Gauge tracker shows which platforms Americans use most when using their TVs (as opposed to laptops, tablets, or other devices). In December, it said that YouTube, not including YouTube TV, had more TV viewership (12.7 percent) than any other SVOD service, including second-place Netflix (9 percent. Sarandos claimed that Netflix would have 21 percent of the SVOD market if it merged with HBO Max.
We’re in the midst of what’s expected to be a long series of arguments as Netflix and Paramount Skydance attempt to own WBD’s assets. In the most recent developments, Netflix amended its $72 billion offer to be all-cash. Netflix is looking to buy HBO Max and WB’s film studios for $27.75 per share, or an enterprise value of $82.7 billion. Paramount is seeking a hostile takeover and has sued WBD over its Netflix deal. It has offered $108.4 billion at $30 per share for all of WBD, including its cable channels.
