Netflix Co-CEO Makes The Case For Regulators To Approve Warner Bros Deal — Here's Why

Netflix's proposal to acquire a major slice of Warner Bros. Discovery has triggered one of the biggest corporate dramas that the US media industry has seen in years, complete with bidding wars, antitrust concerns and surprise counteroffers.

Amid this scenario, Netflix’s Co-CEO Greg Peters has stepped forward to explain why he believes regulators should clear the deal.

Speaking at UBS’ 2025 Global Media and Communications Conference in New York on Dec. 8, Peters directly addressed concerns that the acquisition would strengthen Netflix’s dominance in the streaming world. Instead of focusing on subscriber numbers, he shifted the conversation to viewership in terms of total hours, an area where Netflix’s competitors, he said, remain formidable.

“We go from 8% of viewed hours today in the United States to 9%. We’re still behind YouTube at 13%,” Peters said, referring to what would happen if Netflix acquired HBO and HBO Max, according to the Wrap.

He added another comparison. If Paramount, which accounted for 8.2% of November viewership, buys all of Warner Bros. Discovery, the combined company would command 13.8% of all US viewership, placing it ahead of both Netflix and YouTube.

Peters said, “And potentially worth noting that we would be behind what would be, if Paramount combined with WBD, them at 14%. So, we think that there is a really strong fundamentals-based case here for why regulators should approve this deal.”

His remarks, according to Wrap, were meant to counter the dominant narrative driving criticism of the acquisition, which was antitrust fears. With Warner Bros. Discovery holding 128 million subscribers, making it the fourth-largest streamer, and Netflix topping the global list with over 300 million, many have said that allowing the biggest player to absorb a major rival could stifle competition.

By focusing on the conversation around total viewing time rather than subscriber count, Netflix is attempting to show that its position in the market still faces strong competitive pressure, the Wrap reported.

The regulatory debate comes amid extraordinary corporate manoeuvring behind the scenes. Netflix appeared to have secured victory on Friday, Dec. 5, emerging from a weeks-long contest against Paramount and Comcast with a $72-billion equity deal for Warner Bros. Discovery’s TV, film and streaming operations.

The proposed acquisition excluded several Warner-owned cable networks, including CNN and TNT, but would have given Netflix control of HBO, HBO Max, Warner Bros. studios and DC Entertainment.

But the acquisition scenario escalated on Monday when Paramount made a return to the bidding table. Having previously lost out, the company launched a hostile bid worth $108.4 billion, its Skydance-backed offer aiming to outmuscle Netflix and reshape the competitive landscape. Paramount said it would pay $30 per share for Warner Bros. Discovery, surpassing Netflix’s agreement to buy the bulk of the company’s studio and streaming divisions for $27.75 per share.

Amid this backdrop, Peters’ comments signal Netflix’s strategy, which is to show that the deal strengthens, and not weakens, market competition.