The biggest question however, is whether the deal will get approval from competition regulators in the US and Europe – something that could pose a major challenge.
In Washington lawmakers from both parties have already chimed in against the deal, citing worries it will lead to fewer choices for consumers and higher prices.
Mr Sarandos said Netflix, which has to pay Warner Brothers $5.8bn if the deal falls apart, was “highly confident” it would win approval.
It will hinge in part on how regulators define the competitive landscape, said Jonathan Barnett, a professor at the University of Southern California Gould School of Law.
If regulators only look at video streaming, Netflix’s increased share of the market could raise significant red flags. But if regulators adopt a broader definition, one that includes cable and broadcast TV and even YouTube as Netflix’s competitors “the concentration concerns become less and less”, he said.
Rebecca Haw Allensworth, a professor at Vanderbilt Law School, said usually a merger like this would be a “clear-cut case for a challenge”, typically pushing for better terms for consumers.
This time, she is worried the Trump administration might put pressure on Netflix over questions like diversity and political bias, as has happened in other cases.
