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Netflix’s director of global affairs, Clete Willems, talks about the company’s planned acquisition of Warner Bros. Discovery and the Justice Department’s antitrust investigation into the deal on “The Claman Countdown.”
Netflix’s director of global affairs, Clete Willems, addressed a recently launched federal investigation into the proposed acquisition of Warner Bros. Discovery Monday on “The Claman Countdown.”
“This is just a normal business course,” Willems said. “Of course the Department of Justice will look into this transaction and make sure it’s good for our economy and good for consumers.”
The Justice Department has opened an investigation into whether Netflix used anti-competitive strategies in its $82.7 billion acquisition of Warner Bros. and HBO Max, The Wall Street Journal reported Friday.
In his first public comments on the Warner Bros merger, Willems insisted that the DOJ investigation is of no concern to the streaming giant and said the company is actively working with the DOJ.
Netflix announced a partnership with global beer producer Ab InBev on Monday. (Mario Tama/Getty Images/Getty Images)
“I’m excited for Netflix to have the opportunity to engage with the Department of Justice and engage with policymakers to explain how great this deal is going to be for the US economy and for consumers,” he told Fox Business.
Netflix announced its proposed acquisition of Warner Bros. in December. Days later, Paramount Skydance submitted an all-cash offer.
Although Warner Bros. unanimously rejected Paramount’s offer and stood by its commitment to Netflix, the DOJ’s civil subpoena is examining whether any of the potential acquisitions could harm competition, the WSJ reported.
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Willems criticized rival bidder Netflix, noting that Paramount did not appear at a Senate hearing, while Netflix did.
“Netflix has been very open and transparent about this deal and all of its implications, and Paramount, as you know, was not shown to the audience. So I think there’s a clear difference,” he said.
Netflix agreed last year to acquire the film and television studios and streaming platform of Warner Bros. Discovery, HBO Max, in a cash and stock deal valued at $27.75 per Warner Bros. share. Discovery. (Anna Barclay/Getty Images/Getty Images)
The Netflix executive he also highlighted Paramount’s recent business challenges, arguing that Netflix is better positioned to acquire a major studio like Warner Bros.
“We are triple the jobswhile Paramount has cut 3,500 jobs in the past few years,” he stated. “Paramount has identified $6 billion in synergies in the offer they made, which is code for $6 billion in job cuts.”
Willems also detailed the benefits for the consumer that would happen in the netflix deal.
Warner Bros. Discovery announced Wednesday that its board unanimously rejected Paramount’s offer. (Mario Tama/Getty Images/Getty Images)
“We’re going to have more content, we’re going to have less money, and we’re going to have things in theaters,” he said. “We’re going to keep Warner Brothers shows in the theater. So there’s going to be a lot of consumer benefits here that I think people can be excited about.”
Warner Bros said it plans to hold an investor meeting in April to vote on the Netflix deal.
A DOJ antitrust representative did not immediately respond to FOX Business’ request for comment.
