Netflix Executive Describes DOJ Investigation of $82.7B Warner Bros Deal as ‘Completely Routine’
Netflix chief global affairs officer Clete Willems discusses the company’s planned acquisition of Warner Bros. Discovery and the Department of Justice’s antitrust probe into the deal on ‘The Claman Countdown.’
On Monday, Netflix’s chief global affairs officer, Clete Willems, addressed the newly launched federal investigation into the company’s proposed acquisition of Warner Bros. Discovery during an appearance on “The Claman Countdown.” Willems emphasized that this scrutiny is a standard part of the business process.
“This is just ordinary course of business stuff,” Willems stated. “Of course, the Department of Justice is going to investigate this transaction and make sure that it’s good for our economy and good for consumers.”
According to a report from The Wall Street Journal, the Justice Department has initiated an investigation to determine whether Netflix employed anti-competitive strategies in its $82.7 billion acquisition of Warner Bros. and HBO Max.
In his first public comments regarding the merger, Willems reassured stakeholders that the DOJ probe does not pose a significant concern for Netflix. He mentioned that the company is actively cooperating with the DOJ throughout this process.
Netflix announced a partnership with global beer producer Ab InBev on Monday. (Mario Tama/Getty Images / Getty Images)
Willems expressed enthusiasm about the opportunity for Netflix to engage with the DOJ and policymakers, highlighting the potential benefits of the deal for the U.S. economy and consumers. Netflix announced its intention to acquire Warner Bros in December, shortly before Paramount Skydance made a counter-offer.
Despite Warner Bros. unanimously rejecting Paramount’s bid, the DOJ’s civil subpoena is investigating whether either acquisition could negatively impact competition, as reported by WSJ.
TRUMP SAYS ‘ANY DEAL’ TO BUY WARNER BROS SHOULD INCLUDE CNN
Willems criticized Paramount’s approach, noting that they did not attend a Senate hearing, while Netflix was present. “Netflix has been very open and transparent about this deal and all of its implications, and Paramount, as you know, didn’t show for the hearing. So I think there’s a clear difference,” he remarked.
Netflix agreed last year to acquire Warner Bros. Discovery’s film and television studios and streaming platform, HBO Max, in a cash-and-stock deal valued at $27.75 per Warner Bros. Discovery share. (Anna Barclay/Getty Images / Getty Images)
The Netflix executive also pointed out the recent challenges faced by Paramount, arguing that Netflix is in a stronger position to acquire a major studio like Warner Bros. DARRELL ISSA OBJECTS TO POTENTIAL NETFLIX-WARNER BROS DISCOVERY DEAL, CITING ANTITRUST CONCERNS
“We’re tripling jobs, while Paramount has cut 3,500 jobs in recent years,” he claimed. “Paramount have identified $6 billion in synergies in the offer that they made, which is code for $6 billion in job cuts.”
Willems also outlined the consumer benefits that would arise from Netflix’s acquisition of Warner Bros.
Warner Bros. Discovery announced on Wednesday that its board unanimously rejected Paramount’s tender offer. (Mario Tama/Getty Images / Getty Images)
“We’re gonna have more content, we’re gonna have less money, and we’re gonna have things in the theaters,” he said. “We’re gonna keep Warner Brothers shows in the theater. So there’s gonna be lots of great consumer benefits here that I think people can be excited about.”
Warner Bros. has announced plans to hold an investor meeting by April to vote on the Netflix deal. An antitrust representative at the DOJ did not immediately respond to FOX Business’ request for comment.
Netflix chief global affairs officer Clete Willems discusses the company’s planned acquisition of Warner Bros. Discovery and the Department of Justice’s antitrust probe into the deal on ‘The Claman Countdown.’
On Monday, Netflix’s chief global affairs officer, Clete Willems, addressed the newly launched federal investigation into the company’s proposed acquisition of Warner Bros. Discovery during an appearance on “The Claman Countdown.” Willems emphasized that this scrutiny is a standard part of the business process.
“This is just ordinary course of business stuff,” Willems stated. “Of course, the Department of Justice is going to investigate this transaction and make sure that it’s good for our economy and good for consumers.”
According to a report from The Wall Street Journal, the Justice Department has initiated an investigation to determine whether Netflix employed anti-competitive strategies in its $82.7 billion acquisition of Warner Bros. and HBO Max.
In his first public comments regarding the merger, Willems reassured stakeholders that the DOJ probe does not pose a significant concern for Netflix. He mentioned that the company is actively cooperating with the DOJ throughout this process.
Netflix announced a partnership with global beer producer Ab InBev on Monday. (Mario Tama/Getty Images / Getty Images)
Willems expressed enthusiasm about the opportunity for Netflix to engage with the DOJ and policymakers, highlighting the potential benefits of the deal for the U.S. economy and consumers. Netflix announced its intention to acquire Warner Bros in December, shortly before Paramount Skydance made a counter-offer.
Despite Warner Bros. unanimously rejecting Paramount’s bid, the DOJ’s civil subpoena is investigating whether either acquisition could negatively impact competition, as reported by WSJ.
TRUMP SAYS ‘ANY DEAL’ TO BUY WARNER BROS SHOULD INCLUDE CNN
Willems criticized Paramount’s approach, noting that they did not attend a Senate hearing, while Netflix was present. “Netflix has been very open and transparent about this deal and all of its implications, and Paramount, as you know, didn’t show for the hearing. So I think there’s a clear difference,” he remarked.
Netflix agreed last year to acquire Warner Bros. Discovery’s film and television studios and streaming platform, HBO Max, in a cash-and-stock deal valued at $27.75 per Warner Bros. Discovery share. (Anna Barclay/Getty Images / Getty Images)
The Netflix executive also pointed out the recent challenges faced by Paramount, arguing that Netflix is in a stronger position to acquire a major studio like Warner Bros. DARRELL ISSA OBJECTS TO POTENTIAL NETFLIX-WARNER BROS DISCOVERY DEAL, CITING ANTITRUST CONCERNS
“We’re tripling jobs, while Paramount has cut 3,500 jobs in recent years,” he claimed. “Paramount have identified $6 billion in synergies in the offer that they made, which is code for $6 billion in job cuts.”
Willems also outlined the consumer benefits that would arise from Netflix’s acquisition of Warner Bros.
Warner Bros. Discovery announced on Wednesday that its board unanimously rejected Paramount’s tender offer. (Mario Tama/Getty Images / Getty Images)
“We’re gonna have more content, we’re gonna have less money, and we’re gonna have things in the theaters,” he said. “We’re gonna keep Warner Brothers shows in the theater. So there’s gonna be lots of great consumer benefits here that I think people can be excited about.”
Warner Bros. has announced plans to hold an investor meeting by April to vote on the Netflix deal. An antitrust representative at the DOJ did not immediately respond to FOX Business’ request for comment.
