Netflix's Ted Sarandos grilled in Senate hearing

Netflix Inc. Co-Chief Executive Ted Sarandos pledged under oath to maintain a 45-day theatrical window for Warner Bros. films during a Senate subcommittee hearing Tuesday.

- BY SAMANTHA MASUNAGA

Sarandos also tried to dampen concerns about potential job losses and U.S. production declines related to the companies' proposed multibillion-dollar deal.

During a two-hour hearing before the Senate Subcommittee on Antitrust, Competition Policy and Consumer Rights, Sarandos told lawmakers the proposed merger would not run afoul of anti trust concerns and would, instead, "strengthen the American entertainment industry."

About 80% of HBO Max subscribers also have Netflix subscriptions, which he said showed the two services were "complementary." Netflix also plans to increase its film and television production spending to $26 billion this year, with a majority of that happening in the U.S., he said.

"We are doubling down, even as much of the industry has pulled back," Sarandos said, according to a written transcript of his opening remarks. "With this deal, we're going to increase, not reduce, production investments going forward, supported by a stronger combined business and balance sheet."

Sarandos was joined at the hearing by Warner Bros. Discovery Chief Revenue and Strategy Officer Bruce Campbell.