Will the Netflix-Warner Bros. merger go through? It depends on how you define market share.
Netflix will almost certainly argue that the relevant market is broader than streaming alone. The company will push regulators to include cable TV, satellite TV, live TV streaming bundles, and potentially online video platforms like YouTube and TikTok within its boundaries of the market at hand. Whether those platforms belong in the market will depend on evidence that shows consumer attention is genuinely interchangeable across them. If attention is fungible, then Netflix’s share, and the merged firm’s share, would fall below the presumption established in the 1963 precedent.
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