Netflix co-CEOs Ted Sarandos and Greg Peters projected confidence and asserted that a Netflix takeover of Warner Bros. and HBO Max would “create and protect jobs in the entertainment industry.”

The pair spoke Monday at the UBS Global Media and Communications conference — hours after Paramount Skydance initiated a hostile offer presented as a tender offer to WBD shareholders. The pair also asserted that they are committed to Warner Bros. theatrical films in the same way that the studio operates now — addressing the immediate backlash from the film community out of concern that Netflix will dramatically shrink the theatrical exhibition window at a cornerstone film studio.

“Today’s move was entirely expected,” Sarandos said. “We have a deal done, and we are incredibly happy with the deal

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