A coalition of independent filmmakers, cinema operators, and nonprofit organizations has called on U.S. state attorneys general to oppose Netflix’s proposed acquisition of Warner Bros. Discovery (WBD), citing concerns that the transaction would further concentrate power in the media and streaming industries.
In a letter dated 22 January, addressed to the National Association of Attorneys General (NAAG) and first reported by Bloomberg, the coalition argues that Netflix’s $82.7 billion bid for WBD’s studio and streaming businesses would harm competition, disadvantage movie exhibitors, and lead to higher prices for consumers. The coalition also expressed opposition to a competing proposal by Paramount Skydance to acquire WBD in its entirety, including its television assets.
NAAG is a nonpartisan organization founded in 1907 that serves as a coordination forum for the chief legal officers of the 50 U.S. states, the District of Columbia, and five U.S. territories. The coalition urged state attorneys general to exercise their enforcement powers alongside federal authorities to scrutinize the transaction under U.S. antitrust laws.
The letter, co-signed by organizations including the International Documentary Association, the American Economic Liberties Project, and Art House Convergence, warns that any of the proposed transactions would exacerbate media consolidation. According to the coalition, further concentration would reduce consumer choice, weaken bargaining power for creators and workers, and increase prices across film distribution and streaming markets.
Regulatory and political scrutiny of the deal is intensifying. The U.S. Senate Judiciary Committee is scheduled to hold a hearing on the video streaming industry on 3 February, while UK lawmakers and the U.S. Department of Justice are also expected to weigh in. President Donald Trump has publicly indicated interest in the transaction.
Netflix has defended the deal, characterizing it as pro-creator and pro-employment. Co-CEO Ted Sarandos has argued that Netflix’s proposal is growth-oriented and contrasts with Paramount’s bid, which he described as reliant on significant cost synergies. Netflix maintains that the transaction would expand investment and job creation rather than result in layoffs.
Both Netflix’s and Paramount’s bids value WBD at more than twice its pre-bid market capitalization. WBD shareholders are expected to vote on Netflix’s offer in the coming weeks.