Netflix co-CEO Ted Sarandos says consumers have ‘one-click solution’ in case they feel…

Netflix co-CEO Ted Sarandos addressed lawmakers’ concerns over potential price hikes if the company’s proposed $72 billion acquisition of Warner Bros. Discovery’s streaming assets is completed. While appearing before the Senate Judiciary Subcommittee on Antitrust to defend the deal, Sarandos argued that the “one-click cancel” button remains the ultimate check on the entertainment giant’s power.During the hearing, Senator Amy Klobuchar (D-Minn.) challenged the merger, noting that Netflix has already demonstrated a pattern of raising prices. She said that once Netflix acquires the content on HBO Max, it will remove the competitive pressure that has helped keep subscription costs in check. Sarandos rejected the concerns, saying that the deal will not hurt consumers because past price increases have always been matched by an increase in content quality.“Whenever we come back and ask for a little more money, it’s because we’ve given them a lot more value,” Sarandos testified. He further claimed that Netflix subscribers currently pay an average of only 35 cents per hour of content consumed.He also emphasised that Netflix doesn't have “lock-in” mechanisms, and allows consumers to cancel their subscription if they think they are overpaying for what they are getting.“We are a one-click cancel. If at any point the consumer says, ‘That’s too much for what I’m getting,’ they can just with one click of the button cancel Netflix,” Sarandos told lawmakers.He also said that the merger will allow Netflix to expand its own production in the US, adding American jobs. “[Subscribers] have to really love what they’re watching, and thank goodness we’re doing a good job of that,” he added. The deal, which Netflix recently amended to an all-cash transaction, would bring HBO Max, the Harry Potter franchise, and The Big Bang Theory under the Netflix banner. The merger, however, will not include Warner Bros. Discovery’s linear cable networks.