Netflix, which has more than 300 million global subscribers, is the No. 1 streaming service.
The hearing came weeks after Netflix confirmed it amended its bid to an all-cash offer as rival Paramount Skydance presses its own bid for the entire company. Under David Ellison’s leadership, Paramount Skydance has remained bullish in its efforts to acquire Warner Bros. Discovery in its entirety. But WBD has rejected its offers, prompting Paramount Skydance to file a lawsuit against WBD.
Warner Bros. Discovery shareholders could vote on the transaction as early as March, according to CNBC.
President Donald Trump has previously expressed skepticism over the Netflix-WB deal, telling reporters in December that it “could be a problem” because of the amount of market share the resulting company would have.
Sen. Cory Booker, D-N.J., said during the hearing that he is “angry” about the country’s anti-trust laws, and concerned about Netflix “getting more power over consumers and leaving fewer alternatives and streaming platforms.”
“I urge federal enforcers to review this merger fairly and without political bias,” Booker said, “without a president bringing his personality and his political opportunism to bear.”
Any acquisition of Warner Bros. Discovery would result in consolidation that could hurt Americans, Booker added, noting that Ellison turned down an invitation to testify on Tuesday. (A representative for Paramount Skydance did not immediately respond to a request for comment.)
WBD Chief Revenue and Strategy Officer Bruce Campbell, who also testified during the hearing, said neither he nor WBD CEO David Zaslav have met with Trump to discuss the acquisition.
Sarandos visited Trump at the White House in mid-November to discuss the potential deal. Trump bought at least $1 million worth of bonds in Netflix and WBD, according to a financial disclosure form from the White House’s report.
When asked by Booker about the meeting, Sarandos said he’s met with Trump “a few times,” and they “talked about the state of the entertainment industry in general, production economy … the cost of tariffs, all the different ways we can protect and create entertainment jobs.”
Sarandos said he gave a “general overview” of the deal, but “that was it.”
Hollywood’s creative community has been divided over the merger news. The Writers Guild of America, a union that represents Hollywood screenwriters, said last year that the tie-up “must be blocked.” Filmmakers have also been skeptical of any platform that prioritizes a streaming-first approach to distribution and largely eschews theatrical exhibition.
Sarandos emphasized on Tuesday that he remains committed to a 45-day theatrical window and preserving the Hollywood studio. He also emphasized that the company will “create more economic growth,” referencing its recent billion-dollar plans to develop close to 300 acres of land on the site of former Army base Fort Monmouth.
“This is not a typical media merger where you end up with what’s called the Noah’s Ark problem — two of everything,” Sarandos said. “We are buying a company that has assets that we do not, and we will keep investing in those.”
During Netflix’s January earnings call, Sarandos had expressed confidence that the deal would clear regulatory hurdles and expand competition.
When approached by reporters after the hearing, Sarandos said he “thought it went well,” adding that he thinks “the deal will stand on its merits.”
A spokesperson for Netflix said it had no further comment beyond Sarandos’ testimony.
Chloe Melas, Daniel Arkin and Allie Canal contributed.