Senate Antitrust Committee Chairman Sen. Mike Lee (R‑UT) has fired a major warning shot over Netflix’s proposed acquisition of Warner Bros, saying the deal could seriously undermine competition in the streaming marketplace. In a letter to executives at Netflix and Warner Discovery, Lee said the planned merger “appears likely to raise serious antitrust issues, including the risk of substantially lessening competition in streaming markets.”
Lee’s objections focus not just on the size of the deal but on the process itself. He raised concerns that the merger review could be abused, allowing Netflix to access “competitively sensitive information under the guise of due diligence,” and that the very pendency of the merger could be used as a “killer non‑acquisition.” That term refers to a scenario where a dominant firm weakens or eliminates a rival simply by dragging out a merger review, regardless of whether the combination ultimately goes through.
The letter comes as Capitol Hill prepares for a high‑profile antitrust hearing on February 3, where Netflix co‑CEO Ted Sarandos is expected to testify under oath about the broader implications of the deal. At more than $70 billion, the acquisition would be one of the largest media consolidations in U.S. history and, if approved, would bring massive content libraries and subscriber bases under one corporate roof.
Critics warn that the combined entity could control an unprecedented share of both streaming distribution and content creation. Netflix already leads the field with tens of millions of subscribers worldwide, and adding Warner’s arsenal of major franchises and legacy programming could cement its dominance in ways competitors may never recover from.
The proposed deal has drawn fire from voices across conservative media, with commentators arguing that Netflix’s cultural influence makes the merger even more dangerous. Weeks before Lee’s letter, former President Donald Trump expressed skepticism about the transaction, noting that Netflix’s market footprint could make the deal problematic.
Conservative critics argue the merger has implications well beyond economics. If Netflix absorbs Warner’s popular content — ranging from blockbuster films to HBO’s series archives — it could wield enormous “narrative power” over American cultural consumption. Detractors contend that Netflix has increasingly embraced politically progressive content, turning off segments of the audience and pushing cultural priorities some view as extreme or out of step with mainstream values.
Netflix’s promotional efforts emphasize diversity and inclusion across race, gender, and identity, but critics say those efforts have become performative and even discriminatory. Some argue that as the company continues to prioritize ideologically driven programming, combining its platform with Warner’s legendary catalog could further entrench a media giant with little incentive to remain neutral in cultural debates.
The coming Senate hearing will put these antitrust concerns center stage as policymakers weigh whether the largest streaming merger in history threatens competition, consumer choice, and the broader media landscape.
