Netflix reiterated its commitment to its agreed transaction with Warner Bros. Discovery (WBD), playing down the impact of a rival bid from Paramount and rising questions around regulatory approval.

In a letter to employees, Netflix co-CEOs Greg Peters and Ted Sarandos said the company’s stance on the tie-up “hasn’t changed”, arguing it would “offer consumers more choice and value” and “fuel our long-term growth”.

Earlier this month, the streaming group struck a a $72 billion deal with WBD for its TV, film studios and streaming assets. Days later, Paramount launched a hostile $108.4 billion bid for the entire company, arguing Netflix’s deal offers “inferior and uncertain value”. Peters and Sarandos described the rival move as “entirely expected”, but stressed that Netflix has “a solid deal in place”.

On regulatory scrutiny, the executives said they remains confident in securing approvals, arguing the deal is “great for our shareholders, great for consumers and a strong way to create and protect jobs in the industry”. They pointed to data from American media audience measurement company Nielsen showing that Netflix’s US view share would rise from 8 per cent to 9 per cent post-transaction, “still well behind YouTube (13 per cent) and a potential Paramount/WBD combination (14 per cent)”.

However, attorneys have cautioned that regulators may not view Netflix and YouTube as direct competitors, given the differences in their content and business models, Reuters reported.

Netflix also played down fears over job cuts, stating WBD would bring “businesses and capabilities we don’t have”, resulting in “no overlap or studio closures”.

The group said a dedicated internal team is managing the transaction while the broader business remains focused on its longer-term growth ambitions.