Dhaka, Dec. 6 -- Netflix's planned 72 billion dollar acquisition of Warner Bros. and its film and television operations drew swift criticism across the entertainment industry on Friday, with guilds, lawmakers and Hollywood figures warning that the merger could hurt consumers, workers and theaters.

Executives from both companies defended the agreement, saying it would strengthen content offerings and benefit global audiences. Warner Bros. Discovery CEO David Zaslav said the deal would help preserve "the world's most resonant stories for generations to come," while Netflix co-CEO Ted Sarandos said it would "give audiences more of what they love."

Cinema United chief Michael O'Leary said Netflix's business model does not support theatrical...