मनोरंजन

By Aditya Soni Feb 3 (Reuters) – Walt Disney on Tuesday named theme parks head Josh D'Amaro as CEO, ending years of succession uncertainty and placing a longtime insider at the helm as artificial intelligence and a wave of consolidation upend the media industry.  D'Amaro, 54, will take the reins from Bob Iger, 74, at the company's annual investor meeting on March 18. Iger – credited with shaping the modern Disney through deals for Pixar, Marvel and 21st Century Fox – will stay on as a senior adviser and board member until his retirement from the company on Dec. 31. Disney also named entertainment co-chief Dana Walden, a creative executive in the mold of Iger with a string of commercial and critical hits and strong talent ties, as chief content officer and president. Walden was among the candidates for the CEO role along with entertainment co-chief Alan Bergman and ESPN head Jimmy Pitaro. Succession has long been the storied entertainment giant's weakness – it delayed Iger's retirement several times and brought him back in 2022 to replace his handpicked successor, Bob Chapek, after the pandemic hobbled its business. To avoid another misstep, Disney in 2024 named Morgan Stanley veteran James Gorman as its chairman to oversee the CEO search. Gorman, who led a smooth transition at the Wall Street bank, joined after the House of Mickey Mouse extended Iger's tenure for a fifth time through 2026. "Josh has demonstrated a strong vision for the company's future and a deep understanding of the creative spirit that makes Disney unique," Gorman said in a statement on Tuesday. Disney shares were down 0.8% in early trading. With D'Amaro, Disney is turning to a nearly three-decade company veteran who runs its biggest profit engine – the experiences unit that includes theme parks and cruises and whose sales have grown every year after the pandemic receded in 2021. Last fiscal year, the division turned a record operating profit of nearly $10 billion, making up nearly 60% of the company's earnings. D'Amaro is leading the company's push into the Middle East with a theme park in the United Arab Emirates' capital, Abu Dhabi, that would mark its first major new park in nearly a decade. CHALLENGES FACING NEW CEO But a decline in international visitors to the U.S. is weighing on the parks business, with Disney shares falling more than 7% on Monday after the company flagged the "headwind" even as its overall sales and profit exceeded expectations. While D'Amaro is a familiar face for visitors to Walt Disney World in Florida, analysts have said he is little known in Hollywood. That could pose a challenge as he confronts an entertainment industry that generative AI tools threaten to reshape by automating writing, editing and visual effects.  The timing is particularly high-stakes as the announcement comes just months before the industry's major guild contracts – including those for writers and actors – expire in May and June, setting the stage for a new round of labor negotiations.  A breakdown in talks, partially over the use of AI, had led to dual strikes in 2023 by the unions that hobbled much of Hollywood production and cost around $6 billion in lost output. Disney is especially under scrutiny after it agreed late last year to let OpenAI use characters from its Star Wars, Pixar and Marvel franchises in the startup's Sora AI video generator. It has also agreed to invest $1 billion in the startup.    Chapek, another parks veteran turned CEO, had struggled with talent relations and bungled a dispute with Scarlett Johansson over the simultaneous streaming and theatrical release of "Black Widow", which resulted in a lawsuit and eventual settlement.   "These are big boots to fill. Disney can ill afford another messy handover," PP Foresight analyst Paolo Pescatore said. "Ultimately, the key to Disney's success and future growth lies in content creation, which drives the flywheel across theatrical releases, experiences, licensing and streaming." Competition is also heating up as Netflix and Paramount try to bulk up by buying Warner Bros assets, with either combination expected to result in a major streaming and studio rival. D'Amaro will also have to navigate political pressure from the Trump administration. In September, the company pulled "Jimmy Kimmel Live" after the host's remarks about the assassination of conservative activist Charlie Kirk drew a threat from the communications regulator. It quickly reinstated the late-night show following backlash over the decision.  President Donald Trump said in November that licenses used by affiliates of Disney-owned ABC should be "taken away" after a reporter for the network questioned him about the Jeffrey Epstein political scandal.  Disney has set D'Amaro's annual base salary at $2.5 million, and he will receive a long-term incentive award with a target value of $26.3 million each fiscal year.   (Reporting by Aditya Soni in Bengaluru; additional reporting by Harshita Varghese; Editing by Arun Koyyur and Anil D'Silva)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Miranda Murray BERLIN, Feb 3 (Reuters) – German voice actors have launched a grassroots boycott against Netflix over a contract clause that allows the streaming platform to use their recordings for AI training, a spokesperson for the VDS voice actors' association told Reuters. Netflix's global footprint has increased demand for dubbed content, with international hits such as South Korea's "Squid Game" and Spain's "Money Heist" attracting audiences far beyond their home markets. But voice actors, like many in the entertainment industry, are increasingly wary of artificial intelligence upending their livelihood and raising fresh copyright concerns. SUBTITLES AN ALTERNATIVE Netflix has sent a letter to German voice actors saying their concerns stem from a misunderstanding of how the U.S. company intends to use the recordings and invited the VDS to an informal discussion, the association's chairperson, Anna-Sophia Lumpe, said on Tuesday. "They also end the letter with the promise that if people continue to boycott working for them, that content will be shown with German subtitles in Germany," instead of dubbing, she said. She did not have exact figures on the size of the boycott but said "our efforts and the efforts of the voice actors are generating a response". A Netflix spokesperson confirmed that the letter exists and said the company is taking the concerns seriously. NEW CONTRACT CLAUSE According to the VDS, which represents around 600 members, Netflix's new contracts, introduced at the start of the year, state that recordings may be used to train AI systems, without specifying whether compensation would be provided. The clause sparked a sharp backlash, with a large majority of voice actors refusing to agree to the terms, Lumpe said. The association has commissioned a law firm to examine the contract in relation to data privacy, copyright law and the EU AI Act. The contracts are based on an agreement Netflix reached with the BFFS actors' union in June which requires explicit written consent for the use of any AI-generated digital voice replica. However, the BFFS said it intentionally left out rules on remuneration for AI-related uses for now. "This is because there are currently no reference points for appropriate basic remuneration," the union said on its website, adding it wanted "to avoid any unfavourable predetermination at all costs". (Reporting by Miranda Murray; Editing by Jan Harvey)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Miranda Murray BERLIN, Feb 3 (Reuters) – German voice actors have launched a grassroots boycott against Netflix over a contract clause that allows the streaming platform to use their recordings for AI training, a spokesperson for the VDS voice actors' association told Reuters. Netflix's global footprint has increased demand for dubbed content, with international hits such as South Korea's "Squid Game" and Spain's "Money Heist" attracting audiences far beyond their home markets. But voice actors, like many in the entertainment industry, are increasingly wary of artificial intelligence upending their livelihood and raising fresh copyright concerns. SUBTITLES AN ALTERNATIVE Netflix has sent a letter to German voice actors saying their concerns stem from a misunderstanding of how the U.S. company intends to use the recordings and invited the VDS to an informal discussion, the association's chairperson, Anna-Sophia Lumpe, said on Tuesday. "They also end the letter with the promise that if people continue to boycott working for them, that content will be shown with German subtitles in Germany," instead of dubbing, she said. She did not have exact figures on the size of the boycott but said "our efforts and the efforts of the voice actors are generating a response". A Netflix spokesperson confirmed that the letter exists and said the company is taking the concerns seriously. NEW CONTRACT CLAUSE According to the VDS, which represents around 600 members, Netflix's new contracts, introduced at the start of the year, state that recordings may be used to train AI systems, without specifying whether compensation would be provided. The clause sparked a sharp backlash, with a large majority of voice actors refusing to agree to the terms, Lumpe said. The association has commissioned a law firm to examine the contract in relation to data privacy, copyright law and the EU AI Act. The contracts are based on an agreement Netflix reached with the BFFS actors' union in June which requires explicit written consent for the use of any AI-generated digital voice replica. However, the BFFS said it intentionally left out rules on remuneration for AI-related uses for now. "This is because there are currently no reference points for appropriate basic remuneration," the union said on its website, adding it wanted "to avoid any unfavourable predetermination at all costs". (Reporting by Miranda Murray; Editing by Jan Harvey)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Miranda Murray BERLIN, Feb 3 (Reuters) – German voice actors have launched a grassroots boycott against Netflix over a contract clause that allows the streaming platform to use their recordings for AI training, a spokesperson for the VDS voice actors' association told Reuters. Netflix's global footprint has increased demand for dubbed content, with international hits such as South Korea's "Squid Game" and Spain's "Money Heist" attracting audiences far beyond their home markets. But voice actors, like many in the entertainment industry, are increasingly wary of artificial intelligence upending their livelihood and raising fresh copyright concerns. SUBTITLES AN ALTERNATIVE Netflix has sent a letter to German voice actors saying their concerns stem from a misunderstanding of how the U.S. company intends to use the recordings and invited the VDS to an informal discussion, the association's chairperson, Anna-Sophia Lumpe, said on Tuesday. "They also end the letter with the promise that if people continue to boycott working for them, that content will be shown with German subtitles in Germany," instead of dubbing, she said. She did not have exact figures on the size of the boycott but said "our efforts and the efforts of the voice actors are generating a response". A Netflix spokesperson confirmed that the letter exists and said the company is taking the concerns seriously. NEW CONTRACT CLAUSE According to the VDS, which represents around 600 members, Netflix's new contracts, introduced at the start of the year, state that recordings may be used to train AI systems, without specifying whether compensation would be provided. The clause sparked a sharp backlash, with a large majority of voice actors refusing to agree to the terms, Lumpe said. The association has commissioned a law firm to examine the contract in relation to data privacy, copyright law and the EU AI Act. The contracts are based on an agreement Netflix reached with the BFFS actors' union in June which requires explicit written consent for the use of any AI-generated digital voice replica. However, the BFFS said it intentionally left out rules on remuneration for AI-related uses for now. "This is because there are currently no reference points for appropriate basic remuneration," the union said on its website, adding it wanted "to avoid any unfavourable predetermination at all costs". (Reporting by Miranda Murray; Editing by Jan Harvey)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Jonathan Stempel NEW YORK, Feb 3 (Reuters) – Martin Shkreli, the convicted former pharmaceutical executive, countersued a digital art collective that paid $4 million for a one-of-a-kind album by the hip-hop group Wu-Tang Clan. In a complaint filed late Monday night in Brooklyn federal court, Shkreli also sued Wu-Tang rapper RZA and producer Cilvaringz to undo their alleged "duplicate sale" to the PleasrDAO collective of his 50% interest in copyrights to "Once Upon a Time in Shaolin." PleasrDAO is a decentralized group that buys what its members view as culturally significant materials.   “Mr. Shkreli’s approach throughout has been to distract and delay with actions that the court has consistently and strenuously rejected," PleasrDAO's lawyer Steven Cooper said in an email. "These counterclaims will meet the same fate." Representatives for RZA and Cilvaringz did not immediately respond to requests for comment. The countersuit raises the stakes in an unusual battle, over a unique album that Shkreli said he bought for $1.5 million in 2015. Shkreli, 42, relinquished ownership of "Shaolin" to partially satisfy a forfeiture stemming from his 2017 conviction for defrauding hedge fund investors and scheming to defraud investors in his drugmaker Retrophin. PleasrDAO paid about $4 million for "Shaolin" in 2021. It sued Shkreli three years later, saying he violated his 2015 sale contract by livestreaming parts of the album for his followers, apparently from copies. JUDGE ALLOWED PLEASRDAO TO SUE SHKRELI In his countersuit, Shkreli said the contract called for his 50% copyright interest to be transferred to him in 2103, when he would be 120 years old. He said the defendants violated his rights when PleasrDAO paid RZA and Cilvaringz $750,000 for that stake, with RZA and Cilvaringz essentially "selling a total of 150% of the copyrights." RZA's and Cilvaringz's respective given names are Robert Diggs and Tarik Azzougarh. Shkreli and PleasrDAO are seeking unspecified damages and profits in their respective lawsuits. Last September, U.S. District Judge Pamela Chen rejected Shkreli's bid to dismiss PleasrDAO's lawsuit, saying the value of "Shaolin" came from the collective's "ability to exploit its exclusivity to create an 'experience' that its competitors cannot." Shkreli became known as "Pharma Bro" when, as chief executive of Turing Pharmaceuticals in 2015, he raised the price of the life-saving antiparasitic drug Daraprim overnight to $750 per tablet from $17.50. In 2022, Shkreli was released early from his seven-year prison sentence, and banned from the pharmaceutical industry. (Reporting by Jonathan Stempel in New York; Editing by Richard Chang and Franklin Paul)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Aditya Soni Feb 3 (Reuters) – Walt Disney on Tuesday named theme parks head Josh D'Amaro as CEO, ending years of succession uncertainty and placing a longtime insider at the helm as artificial intelligence and a wave of consolidation upend the media industry.  D'Amaro, 54, will take the reins from Bob Iger, 74, at the company's annual investor meeting on March 18. Iger – credited with shaping the modern Disney through deals for Pixar, Marvel and 21st Century Fox – will stay on as a senior adviser and board member until his retirement from the company on Dec. 31. Disney also named entertainment co-chief Dana Walden, a creative executive in the mold of Iger with a string of commercial and critical hits and strong talent ties, as chief content officer and president. Walden was among the candidates for the CEO role along with entertainment co-chief Alan Bergman and ESPN head Jimmy Pitaro. Succession has long been the storied entertainment giant's weakness – it delayed Iger's retirement several times and brought him back in 2022 to replace his handpicked successor, Bob Chapek, after the pandemic hobbled its business. To avoid another misstep, Disney in 2024 named Morgan Stanley veteran James Gorman as its chairman to oversee the CEO search. Gorman, who led a smooth transition at the Wall Street bank, joined after the House of Mickey Mouse extended Iger's tenure for a fifth time through 2026. "Josh has demonstrated a strong vision for the company's future and a deep understanding of the creative spirit that makes Disney unique," Gorman said in a statement on Tuesday. Disney shares were down 0.8% in early trading. With D'Amaro, Disney is turning to a nearly three-decade company veteran who runs its biggest profit engine – the experiences unit that includes theme parks and cruises and whose sales have grown every year after the pandemic receded in 2021. Last fiscal year, the division turned a record operating profit of nearly $10 billion, making up nearly 60% of the company's earnings. D'Amaro is leading the company's push into the Middle East with a theme park in the United Arab Emirates' capital, Abu Dhabi, that would mark its first major new park in nearly a decade. CHALLENGES FACING NEW CEO But a decline in international visitors to the U.S. is weighing on the parks business, with Disney shares falling more than 7% on Monday after the company flagged the "headwind" even as its overall sales and profit exceeded expectations. While D'Amaro is a familiar face for visitors to Walt Disney World in Florida, analysts have said he is little known in Hollywood. That could pose a challenge as he confronts an entertainment industry that generative AI tools threaten to reshape by automating writing, editing and visual effects.  The timing is particularly high-stakes as the announcement comes just months before the industry's major guild contracts – including those for writers and actors – expire in May and June, setting the stage for a new round of labor negotiations.  A breakdown in talks, partially over the use of AI, had led to dual strikes in 2023 by the unions that hobbled much of Hollywood production and cost around $6 billion in lost output. Disney is especially under scrutiny after it agreed late last year to let OpenAI use characters from its Star Wars, Pixar and Marvel franchises in the startup's Sora AI video generator. It has also agreed to invest $1 billion in the startup.    Chapek, another parks veteran turned CEO, had struggled with talent relations and bungled a dispute with Scarlett Johansson over the simultaneous streaming and theatrical release of "Black Widow", which resulted in a lawsuit and eventual settlement.   "These are big boots to fill. Disney can ill afford another messy handover," PP Foresight analyst Paolo Pescatore said. "Ultimately, the key to Disney's success and future growth lies in content creation, which drives the flywheel across theatrical releases, experiences, licensing and streaming." Competition is also heating up as Netflix and Paramount try to bulk up by buying Warner Bros assets, with either combination expected to result in a major streaming and studio rival. D'Amaro will also have to navigate political pressure from the Trump administration. In September, the company pulled "Jimmy Kimmel Live" after the host's remarks about the assassination of conservative activist Charlie Kirk drew a threat from the communications regulator. It quickly reinstated the late-night show following backlash over the decision.  President Donald Trump said in November that licenses used by affiliates of Disney-owned ABC should be "taken away" after a reporter for the network questioned him about the Jeffrey Epstein political scandal.  Disney has set D'Amaro's annual base salary at $2.5 million, and he will receive a long-term incentive award with a target value of $26.3 million each fiscal year.   (Reporting by Aditya Soni in Bengaluru; additional reporting by Harshita Varghese; Editing by Arun Koyyur and Anil D'Silva)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

Feb 3 (Reuters) – Walt Disney on Tuesday named theme parks head Josh D'Amaro as CEO, ending years of succession uncertainty and placing a longtime insider at the helm as artificial intelligence and a wave of consolidation upend the media industry.  D'Amaro, 54, will take the reins from Bob Iger, 74, on March 18. Iger is credited with shaping the modern Disney through deals for Pixar, Marvel, Lucasfilm and 21st Century Fox.  Disney also named entertainment co-chief Dana Walden, a creative executive in the mold of Iger with a string of commercial and critical hits and strong talent ties, as chief content officer and president. Succession has long been the storied entertainment giant's weakness – it delayed Iger's retirement several times and brought him back in 2022 to replace his handpicked successor, Bob Chapek, after the pandemic hobbled its business. To avoid another misstep, Disney in 2024 named Morgan Stanley veteran James Gorman as its chairman to oversee the CEO search. Gorman, who led a smooth transition at the Wall Street bank, joined after the House of Mickey Mouse extended Iger's tenure for a fifth time through 2026. With D'Amaro, Disney is turning to a nearly three-decade company veteran who runs its biggest profit engine – the experiences unit that includes theme parks and cruises and whose sales have grown every year after the pandemic receded in 2021. Last fiscal year, the division turned a record operating profit of nearly $10 billion, making up nearly 60% of the company's earnings. D'Amaro is leading the company's push into the Middle East with a theme park in the United Arab Emirates' capital Abu Dhabi that would mark its first major new park in nearly a decade. CHALLENGES FACING NEW CEO But a decline in international visitors to the U.S. is weighing on the parks business, with Disney shares falling more than 7% on Monday after the company flagged the "headwind" even as its overall sales and profit exceeded expectations. While D'Amaro is a familiar face for visitors to Walt Disney World in Florida, analysts have said he is little known in Hollywood. That could pose a challenge as he confronts an entertainment industry that generative AI tools threaten to reshape by automating writing, editing and visual effects.  The timing is particularly high-stakes as the announcement comes just months before the industry's major guild contracts – including those for writers and actors – expire in May and June, setting the stage for a new round of labor negotiations.  A breakdown in talks, partially over the use of AI, had led to dual strikes in 2023 by the unions that hobbled much of Hollywood production and cost around $6 billion in lost output. Disney is especially under scrutiny after it agreed late last year to let OpenAI use characters from its Star Wars, Pixar and Marvel franchises in the startup's Sora AI video generator. It has also agreed to invest $1 billion in the startup.    Chapek, another parks veteran turned CEO, had struggled with talent relations and bungled a dispute with Scarlett Johansson over the simultaneous streaming and theatrical release of "Black Widow", which resulted in a lawsuit and eventual settlement.   Competition is also heating up as Netflix and Paramount try to bulk up by buying Warner Bros assets, with either combination expected to result in a major streaming and studio rival. D'Amaro will also have to navigate political pressure as the Trump administration has criticized Disney over its programming.  In September, the company pulled "Jimmy Kimmel Live" after the host's remarks about the assassination of conservative activist Charlie Kirk drew a threat from the communications regulator. It quickly reinstated the late-night show following backlash over the decision.  President Donald Trump said in November that licenses used by affiliates of Disney-owned ABC should be "taken away" after a reporter for the network questioned him about the Jeffrey Epstein political scandal.  (Reporting by Aditya Soni in Bengaluru; Editing by Arun Koyyur and Anil D'Silva)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Aditya Soni Feb 3 (Reuters) – Walt Disney on Tuesday named theme parks head Josh D'Amaro as CEO, ending years of succession uncertainty and placing a longtime insider at the helm as artificial intelligence and a wave of consolidation upend the media industry.  D'Amaro, 54, will take the reins from Bob Iger, 74, at the company's annual shareholder meeting on March 18. Iger is credited with shaping the modern Disney through deals for Pixar, Marvel, Lucasfilm and 21st Century Fox.  Disney also named entertainment co-chief Dana Walden, a creative executive in the mold of Iger with a string of commercial and critical hits and strong talent ties, as chief content officer and president. Succession has long been the storied entertainment giant's weakness – it delayed Iger's retirement several times and brought him back in 2022 to replace his handpicked successor, Bob Chapek, after the pandemic hobbled its business. To avoid another misstep, Disney in 2024 named Morgan Stanley veteran James Gorman as its chairman to oversee the CEO search. Gorman, who led a smooth transition at the Wall Street bank, joined after the House of Mickey Mouse extended Iger's tenure for a fifth time through 2026. "Josh has demonstrated a strong vision for the company's future and a deep understanding of the creative spirit that makes Disney unique," Gorman said in a statement on Tuesday. Disney shares were up 1.2% in premarket trading. With D'Amaro, Disney is turning to a nearly three-decade company veteran who runs its biggest profit engine – the experiences unit that includes theme parks and cruises and whose sales have grown every year after the pandemic receded in 2021. Last fiscal year, the division turned a record operating profit of nearly $10 billion, making up nearly 60% of the company's earnings. D'Amaro is leading the company's push into the Middle East with a theme park in the United Arab Emirates' capital, Abu Dhabi, that would mark its first major new park in nearly a decade. CHALLENGES FACING NEW CEO But a decline in international visitors to the U.S. is weighing on the parks business, with Disney shares falling more than 7% on Monday after the company flagged the "headwind" even as its overall sales and profit exceeded expectations. While D'Amaro is a familiar face for visitors to Walt Disney World in Florida, analysts have said he is little known in Hollywood. That could pose a challenge as he confronts an entertainment industry that generative AI tools threaten to reshape by automating writing, editing and visual effects.  The timing is particularly high-stakes as the announcement comes just months before the industry's major guild contracts – including those for writers and actors – expire in May and June, setting the stage for a new round of labor negotiations.  A breakdown in talks, partially over the use of AI, had led to dual strikes in 2023 by the unions that hobbled much of Hollywood production and cost around $6 billion in lost output. Disney is especially under scrutiny after it agreed late last year to let OpenAI use characters from its Star Wars, Pixar and Marvel franchises in the startup's Sora AI video generator. It has also agreed to invest $1 billion in the startup.    Chapek, another parks veteran turned CEO, had struggled with talent relations and bungled a dispute with Scarlett Johansson over the simultaneous streaming and theatrical release of "Black Widow", which resulted in a lawsuit and eventual settlement.   "These are big boots to fill. Disney can ill afford another messy handover," PP Foresight analyst Paolo Pescatore said. "Ultimately, the key to Disney's success and future growth lies in content creation, which drives the flywheel across theatrical releases, experiences, licensing and streaming." Competition is also heating up as Netflix and Paramount try to bulk up by buying Warner Bros assets, with either combination expected to result in a major streaming and studio rival. D'Amaro will also have to navigate political pressure from the Trump administration. In September, the company pulled "Jimmy Kimmel Live" after the host's remarks about the assassination of conservative activist Charlie Kirk drew a threat from the communications regulator. It quickly reinstated the late-night show following backlash over the decision.  President Donald Trump said in November that licenses used by affiliates of Disney-owned ABC should be "taken away" after a reporter for the network questioned him about the Jeffrey Epstein political scandal.  Disney has set D'Amaro's annual base salary at $2.5 million, and he will receive a long-term incentive award with a target value of $26.3 million each fiscal year. (Reporting by Aditya Soni in Bengaluru; additional reporting by Harshita Varghese; Editing by Arun Koyyur and Anil D'Silva)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Jody Godoy Feb 3 (Reuters) – Netflix Co-Chief Executive Officer Ted Sarandos faces a grilling in the U.S. Senate on Tuesday at a hearing over how his company's proposed $82.7 billion acquisition of Warner Bros Discovery will affect competition in the streaming entertainment industry. U.S. Senator Mike Lee will lead the hearing where Sarandos and Bruce Campbell, Warner Bros' chief strategy officer, are expected to testify. While the Senate cannot itself prohibit the deal, the hearing allows lawmakers to demand details from Netflix on how the transaction would affect consumers, workers and competitors. The U.S. Department of Justice is reviewing the transaction, along with a competing, hostile bid from Paramount Skydance.  Both Netflix and Paramount Skydance covet Warner Bros for its leading film and television studios, extensive content library and major franchises such as "Game of Thrones," "Harry Potter" and DC Comics' superheroes Batman and Superman. Paramount has argued it will have an easier regulatory path to approval. But Warner Bros has repeatedly rejected offers from Paramount, which would wind up deep in debt to finance the transaction. Paramount's CEO is David Ellison, whose father, billionaire Oracle co-founder Larry Ellison, has cultivated a close relationship with U.S. President Donald Trump. Lee, a Republican from Utah who leads the antitrust subcommittee, has been critical of Netflix's proposed acquisition of Warner Bros since the deal was announced in December. Lawmakers from both major U.S. political parties have voiced concerns that the deal will reduce competition in the streaming market. Netflix has pointed to statistics by media analysis firm Nielsen that say Google's YouTube accounts for more viewing time on U.S. televisions than other streaming services, but experts say the DOJ is likely to analyze how the deal affects competition in a more specific market, such as streaming platforms that charge a monthly subscription.  Lee has also questioned whether Netflix truly intends to acquire Warner Bros, or whether it is attempting to slow competition from Warner Bros during an antitrust review by the Department of Justice that could take more than a year. The Republican senator called on Netflix to disclose whether its personnel have had access to Warner Bros' sensitive information, which he said could allow the streaming service to gain an advantage before the deal closes. "Access to such information could enable anticompetitive behavior, including replication of projects in development, strategic planning, or algorithmic targeting," Lee said in a letter to Netflix in January. (Reporting by Jody Godoy in Los Angeles; Editing by Matthew Lewis)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Jody Godoy Feb 3 (Reuters) – Netflix Co-Chief Executive Officer Ted Sarandos faces a grilling in the U.S. Senate on Tuesday at a hearing over how his company's proposed $82.7 billion acquisition of Warner Bros Discovery will affect competition in the streaming entertainment industry. U.S. Senator Mike Lee will lead the hearing where Sarandos and Bruce Campbell, Warner Bros' chief strategy officer, are expected to testify. While the Senate cannot itself prohibit the deal, the hearing allows lawmakers to demand details from Netflix on how the transaction would affect consumers, workers and competitors. The U.S. Department of Justice is reviewing the transaction, along with a competing, hostile bid from Paramount Skydance.  Both Netflix and Paramount Skydance covet Warner Bros for its leading film and television studios, extensive content library and major franchises such as "Game of Thrones," "Harry Potter" and DC Comics' superheroes Batman and Superman. Paramount has argued it will have an easier regulatory path to approval. But Warner Bros has repeatedly rejected offers from Paramount, which would wind up deep in debt to finance the transaction. Paramount's CEO is David Ellison, whose father, billionaire Oracle co-founder Larry Ellison, has cultivated a close relationship with U.S. President Donald Trump. Lee, a Republican from Utah who leads the antitrust subcommittee, has been critical of Netflix's proposed acquisition of Warner Bros since the deal was announced in December. Lawmakers from both major U.S. political parties have voiced concerns that the deal will reduce competition in the streaming market. Netflix has pointed to statistics by media analysis firm Nielsen that say Google's YouTube accounts for more viewing time on U.S. televisions than other streaming services, but experts say the DOJ is likely to analyze how the deal affects competition in a more specific market, such as streaming platforms that charge a monthly subscription.  Lee has also questioned whether Netflix truly intends to acquire Warner Bros, or whether it is attempting to slow competition from Warner Bros during an antitrust review by the Department of Justice that could take more than a year. The Republican senator called on Netflix to disclose whether its personnel have had access to Warner Bros' sensitive information, which he said could allow the streaming service to gain an advantage before the deal closes. "Access to such information could enable anticompetitive behavior, including replication of projects in development, strategic planning, or algorithmic targeting," Lee said in a letter to Netflix in January. (Reporting by Jody Godoy in Los Angeles; Editing by Matthew Lewis)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)