Paramount Accuses Netflix Of Campaign To Derail WBD Merger, Streamer Calls That "Absurd"
Deadline • • business
Key Points:
- Paramount criticized Netflix in a letter to the DOJ for campaigning against the Warner Bros. Discovery (WBD) merger, accusing Netflix of trying to poison regulators and stakeholders against the deal.
- Netflix denied the claims, stating it walked away from the WBD acquisition months ago and is focused on its own business, emphasizing that regulatory approval is up to the authorities.
- The WBD merger, which Paramount supports, is under regulatory review in the US, UK, and EU, with concerns about potential job cuts and content spending reductions amid industry struggles.
- Paramount argues the merger will create a more competitive landscape, increase content production, and benefit labor unions, with cost savings coming from non-production areas like technology and back-office functions.
- Paramount committed to releasing at least 30 theatrical films annually post-merger and rejected comparisons to the Disney-Fox deal, calling Netflix’s negative narrative about the merger misleading.