UK Lawmakers Urge Competition Review of Netflix's Warner Bros Acquisition

UK Politicians Call for Review

Jan 27 (Reuters) - More than a dozen UK politicians and former policymakers have called on the country's competition watchdog to launch a full review of Netflix's $83 billion bid for Warner Bros Discovery, the Financial Times reported on Tuesday.

Concerns Over Market Dominance

The group of politicians, in a letter to Sarah Cardell, chief executive of the Competition and Markets Authority (CMA), raised concerns that the deal “will cement an already dominant player” in the TV streaming market, according to the report.

Political Signatories and Implications

The politicians said that the deal could lead "to a substantial lessening of competition with damaging consequences for consumers", the FT report said, citing the letter.

Reuters could not immediately confirm the report.

Warner Bros, Netflix and the CMA did not immediately respond to Reuters' requests for comment.

Netflix's proposed deal for Warner Bros Discovery has been facing political pushback and regulatory scrutiny, with some members of the U.S. Congress deeming the acquisition as an antitrust "nightmare" for consumers and creatives.

Bloomberg reported last week that the European Union's antitrust regulators are expected to scrutinize rival bids by Netflix and Paramount Skydance for Warner Bros at the same time, setting up an unusual head-to-head competition review.

According to the FT report, the letter to the CMA was signed by Chris Smith, Oliver Dowden and Karen Bradley, who have all acted as the UK secretary of state for culture, media and sport, as well as Tony Hall, a former director-general of the BBC. 

Other signatories include Guy Black, chair of the News Media Association and deputy chair of Telegraph Media Group, and Tina Stowell, former leader of the House of Lords, FT reported.

(Reporting by Rhea Rose Abraham in Bengaluru; Editing by Jacqueline Wong and Mrigank Dhaniwala)