By Thomas Hazlett
Feb. 4, 2026
In his most recent article in Barron’s, Professor Tom Hazlett argues that antitrust regulators should approve Netflix’s proposed acquisition of Warner Bros. Discovery, contending that fears of excessive market consolidation are overstated. While critics point to Netflix’s growing scale, Hazlett notes that the streaming market is highly competitive, with rivals such as Disney+, Hulu, Paramount+, YouTube and TikTok commanding substantial audiences and revenue. Hazlett says that even after the merger, Netflix–WBD would not dominate video markets, especially when measured by viewing hours or total video-related revenue, where YouTube and Google remain larger. Hazlett also suggests political and industry hostility toward Netflix, rather than genuine concern over competitive harm, helps explain resistance to the deal. Overall, the piece frames the merger as a continuation of consumer-benefiting disruption that expands choice and intensifies competition rather than stifling it.
