Trump flags antitrust issues as Paramount moves to block Netflix–Warner Bros. deal

Netflix’s proposed acquisition of major assets of Warner Bros. Discovery has encountered significant political and competitive resistance, as U.S. President Donald Trump publicly questioned the deal’s implications and Paramount advanced a larger, hostile counteroffer.

The streaming company announced Friday that it planned to acquire key Warner Bros. Discovery properties, including Warner Bros. studio, HBO and HBO Max, in a transaction valued at nearly $83 billion, one of the largest entertainment mergers in recent history.

Trump, speaking to reporters Sunday evening at the Kennedy Center in Washington, said the acquisition could raise concerns about Netflix’s dominance in the market. “It could be a problem,” he said, adding that he would be involved in determining whether the transaction proceeds. A senior administration official later said the White House was examining the proposal with “heavy skepticism.”

The president also confirmed that Netflix co-chief executive Ted Sarandos had met with him recently at the Oval Office. Trump described Sarandos positively but said the executive offered “no guarantees” about the merger’s structure or impact. “It is a big market share. There’s no question,” Trump said.

Paramount's aggressive move

The situation escalated Monday when Paramount Skydance submitted a hostile bid to acquire all of Warner Bros. Discovery. The offer values the company at $108.4 billion including debt, significantly higher than Netflix’s cash-and-stock proposal, valued at $72 billion, or $82.7 billion with debt.

Paramount filed details of the offer with the U.S. Securities and Exchange Commission, disclosing that funding would come from Affinity Partners, an investment firm led by Jared Kushner, along with sovereign wealth funds from Saudi Arabia, Abu Dhabi, the United Arab Emirates and Qatar. According to the filing, these investors agreed to relinquish governance rights to avoid review by the Committee on Foreign Investment in the United States (CFIUS).

Paramount chief executive David Ellison said the Warner Bros. Discovery board should allow shareholders to assess the competing proposal. He argued that the Netflix offer raised potential regulatory challenges and said Paramount’s bid was designed to close more quickly. Ellison also said the company approached Warner Bros. Discovery multiple times over the past three months but received no substantive engagement.

Regulatory pressure 

The proposed Netflix merger has drawn criticism from lawmakers and labour groups. Sen. Elizabeth Warren called the deal “an anti-monopoly nightmare,” and the Writers Guild of America East and West urged regulators to block it, citing concerns about job losses and consolidation of creative control.

Industry analysts note that the transaction would require extensive review from U.S. and European regulators. Warner Bros. Discovery must also complete a planned spinoff of Discovery Global, including CNN, TNT Sports and the Discovery Channel, before any deal with Netflix can be finalised, potentially delaying closure until late next year.

Comcast also previously expressed interest in acquiring Warner Bros. Discovery but did not advance a bid.

Uncertain path ahead

Despite mounting questions, Netflix has not publicly modified its offer. Trump emphasized that the proposal would “have to go through a process” and reiterated that its impact on market concentration remained a central issue.

With competing bids, political intervention and regulatory scrutiny converging, the future of the Warner Bros. Discovery asset sale remains unclear. The outcome is expected to carry significant implications for the global entertainment industry, where consolidation among major studios and streaming platforms continues to reshape competition and creative production.