Netflix Faces Consumer Class Action Over $72 Billion Warner Bros Deal

Netflix's $72 billion bid to buy Warner Bros Discovery has triggered a consumer class action claiming the merger would crush competition, erase HBO Max as a rival, and hand Netflix control over major franchises. Reuters reports: The proposed class action (PDF) was filed on Monday by a subscriber to Warner Bros-owned HBO Max who said the proposed deal threatened to reduce competition in the U.S. subscription video-on-demand market. 'Netflix has demonstrated repeated willingness to raise subscription prices even while facing competition from full-scale rivals such as WBD,' the lawsuit said. The lawsuit said the Warner Bros deal would eliminate one of Netflix's closest rivals, HBO Max, and give Netflix control over Warner Bros marquee franchises including Harry Potter, DC Comics and Game of Thrones. On Monday, Paramount Skydance launched a $108 billion hostile bid to buy Warner Bros. Discovery with an all-cash, $30-per-share offer.

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