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Netflix co-CEOs Ted Sarandos and Greg Peters are standing by the company’s plan to acquire Warner Bros. and HBO Max, even as Paramount Skydance launches a hostile bid.

In a memo to staff shared via the SEC and Netflix’s internal Take 5 blog, the executives expressed confidence that the $82.7 billion deal will survive the challenge and gain regulatory approval.

Netflix announced the Warner Bros. acquisition on December 5. Shortly after, Paramount Skydance made an unsolicited $108.4 billion offer directly to shareholders, attempting to outbid Netflix.

Responding to the move, Sarandos and Peters told employees, “It was entirely expected. But, we have a solid deal in place. It’s great for our shareholders,…

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