UK Lawmakers Call for Competition Review of Netflix’s Bid for Warner Bros Discovery
Group of British politicians and former policymakers urges the Competition and Markets Authority to examine potential market effects of the $83bn acquisition
A group of more than a dozen British politicians and former senior policymakers has written to the chief executive of the United Kingdom’s Competition and Markets Authority (CMA) calling for a full competition review of Netflix’s proposed acquisition of Warner Bros Discovery.
The intervention, dated January 23, urged the CMA to assess potential effects on competition in the television streaming market if the deal proceeds as currently structured.
Netflix announced in late 2025 that it had agreed to acquire the film and television studios, streaming platforms and certain other assets of Warner Bros Discovery in a transaction with an enterprise value of approximately US $82.7 billion.
Under the terms announced, the deal includes the Warner Bros studio business, HBO and the HBO Max streaming service, while certain other assets, including linear networks, are expected to be spun off into a separate publicly traded entity prior to closing.
Regulatory approval in multiple jurisdictions is required before the transaction can be completed, with the parties anticipating a closing timeline extending into 2026.
The letter to the CMA expressed concern that Netflix’s acquisition of Warner Bros Discovery would “cement an already dominant player” in the global streaming market and could lead to a substantial lessening of competition with adverse consequences for consumers, the creative industries and the cinema sector.
Signatories of the letter include former culture ministers and senior figures with experience in media policy and governance, as well as a former director-general of the BBC.
The UK’s Competition and Markets Authority has said it cannot comment on markets or transactions outside of a formal investigation.
Under UK competition law, transactions of this magnitude can trigger initial reviews to determine whether more detailed scrutiny, including a phase 2 investigation, is warranted.
Netflix’s proposed acquisition of Warner Bros Discovery has also attracted attention in other jurisdictions.
In the United States, antitrust authorities are conducting assessments of the transaction’s effects on competition, and legislative and regulatory scrutiny continues amid parallel offers, including a rival hostile bid from Paramount Skydance.
Paramount’s bid, which covers the entirety of Warner Bros Discovery’s assets, has been the subject of separate regulatory and shareholder discussions.
The ongoing review process for the acquisition is occurring against a backdrop of broader debate over consolidation in the global media and streaming sectors, with regulators and industry bodies in multiple regions examining the competitive impacts of major mergers and acquisitions.
The intervention, dated January 23, urged the CMA to assess potential effects on competition in the television streaming market if the deal proceeds as currently structured.
Netflix announced in late 2025 that it had agreed to acquire the film and television studios, streaming platforms and certain other assets of Warner Bros Discovery in a transaction with an enterprise value of approximately US $82.7 billion.
Under the terms announced, the deal includes the Warner Bros studio business, HBO and the HBO Max streaming service, while certain other assets, including linear networks, are expected to be spun off into a separate publicly traded entity prior to closing.
Regulatory approval in multiple jurisdictions is required before the transaction can be completed, with the parties anticipating a closing timeline extending into 2026.
The letter to the CMA expressed concern that Netflix’s acquisition of Warner Bros Discovery would “cement an already dominant player” in the global streaming market and could lead to a substantial lessening of competition with adverse consequences for consumers, the creative industries and the cinema sector.
Signatories of the letter include former culture ministers and senior figures with experience in media policy and governance, as well as a former director-general of the BBC.
The UK’s Competition and Markets Authority has said it cannot comment on markets or transactions outside of a formal investigation.
Under UK competition law, transactions of this magnitude can trigger initial reviews to determine whether more detailed scrutiny, including a phase 2 investigation, is warranted.
Netflix’s proposed acquisition of Warner Bros Discovery has also attracted attention in other jurisdictions.
In the United States, antitrust authorities are conducting assessments of the transaction’s effects on competition, and legislative and regulatory scrutiny continues amid parallel offers, including a rival hostile bid from Paramount Skydance.
Paramount’s bid, which covers the entirety of Warner Bros Discovery’s assets, has been the subject of separate regulatory and shareholder discussions.
The ongoing review process for the acquisition is occurring against a backdrop of broader debate over consolidation in the global media and streaming sectors, with regulators and industry bodies in multiple regions examining the competitive impacts of major mergers and acquisitions.
