\n<\/p>\n
Netflix has been hit with a consumer lawsuit seeking to block the online video giant\u2019s planned $72bn acquisition of Warner Bros Discovery\u2019s studio and streaming businesses.<\/p>\n
The proposed class action was filed on Monday by a subscriber to Warner Bros-owned HBO Max who said the proposed deal threatened to reduce competition in the US subscription video-on-demand market.<\/p>\n
Some members of Congress have sharply questioned Netflix\u2019s proposal, which is expected to face significant US regulatory scrutiny under antitrust laws. Paramount Skydance on Monday launched a hostile bid worth $108.4bn for Warner Bros Discovery (WBD) in a challenge to Netflix\u2019s bid.<\/p>\n
US federal antitrust laws allow consumers to sue over mergers and acquisitions, separate from any federal regulatory agency lawsuit, though such cases face high legal hurdles.<\/p>\n
Netflix, the world\u2019s largest streaming service, in a statement said: \u201cWe believe this suit is meritless and is merely an attempt by the plaintiffs\u2019 bar to leverage all the attention on the deal.\u201d<\/p>\n
Lead attorneys for the plaintiff declined to comment. \u201cNetflix has demonstrated repeated willingness to raise subscription prices even while facing competition from full-scale rivals such as WBD,\u201d the lawsuit said.<\/p>\n
The Netflix-Warner Bros deal was announced last week following a weeks-long bidding war. On Monday, the Warner Bros Discovery board of directors said it would review Paramount\u2019s competing offer.<\/p>\n
The lawsuit said the Warner Bros deal would eliminate one of Netflix\u2019s closest rivals, HBO Max, and give Netflix control over Warner Bros marquee franchises including Harry Potter, DC Comics and Game of Thrones.<\/p>\n
Warner Bros is not a defendant in the lawsuit.<\/p>\n","protected":false},"excerpt":{"rendered":"
Netflix has been hit with a consumer lawsuit seeking to block the online video giant\u2019s planned $72bn acquisition of Warner Bros Discovery\u2019s studio and streaming businesses. The proposed class action was filed on Monday by a subscriber to Warner Bros-owned HBO Max who said the proposed deal threatened to reduce competition in the US subscription<\/p>\n","protected":false},"author":1,"featured_media":36633,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[20417,2036,303,20416,5550,696,2395,3289,274,2035],"class_list":{"0":"post-36632","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-72bn","9":"tag-bros","10":"tag-business","11":"tag-classaction","12":"tag-consumer","13":"tag-deal","14":"tag-faces","15":"tag-lawsuit","16":"tag-netflix","17":"tag-warner"},"_links":{"self":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/36632","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=36632"}],"version-history":[{"count":0,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/36632\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/media\/36633"}],"wp:attachment":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=36632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=36632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=36632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}