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. We think it’s great for our shareholders. It’s great for consumers. We think it’s a great way to create and protect jobs in the entertainment industry. We’re super confident we’re going to get it across the line and finish.”

Sarandos and Peters tried to address the key points of opposition that have flared since Netflix formally unveiled its $82.7 billion deal to acquire Warner Bros. The CEOs addressed theatrical film release strategies, trying to assure the audience that they would keep the Warner Bros. model status quo. For WB’s massive TV studio, the Netflix chiefs vowed to maintain business as usual with the studio selling shows to rival streamers and networks in addition to serving Netflix and HBO Max.

In the main, Sarandos emphasized, Netflix is acquiring Warner Bros. for its strengths as a studio, which means having global distribution power and a diverse slate of buyers for its content.

“We didn’t buy this company to destroy that value,” Sarandos said. “We’re deeply committed to releasing [Warner Bros.] movies exactly the way they release those movies today…..If we did this deal 24 months ago, all those movies we saw this year do so well at the box office for Warner Bros. would have been released in the same way in theaters, talking about ”Minecraft,’ ‘Superman,’ ‘Weapons,’ ‘Sinners,’ All those movies. With the Warner Bros. operating entity, we think it’s really important the way that they create and the way that they drive value.”