President Donald Trump has thrust himself into the Netflix–Paramount battle for Warner Bros. Discovery, signaling he will play a role in regulatory review while insisting he has no personal loyalty to either side. Speaking at a White House roundtable after Paramount Skydance launched a hostile offer, Trump said he knows the companies “very well” but needs to see their market share, adding that “none of them are particularly great friends of mine” and that he wants to “do what’s right.”
His remarks follow an earlier comment that Netflix’s agreed $72 billion purchase of Warner Bros. Discovery “could be a problem” because the combined group would control a large slice of the streaming and studio market. Trump also said he would “be involved” in the decision, a reminder that his administration’s stance will shape antitrust and national security reviews of whichever deal prevails.
Netflix reached an exclusive agreement last week to buy Warner’s film and television studios, HBO and its streaming service in a cash-and-stock transaction valued around $82–83 billion including debt. Paramount Skydance responded on Monday with an all-cash hostile bid worth about $108.4 billion, offering $30 a share for the entire company, including cable networks such as CNN and TNT, and taking its case directly to shareholders after Warner’s board backed Netflix.
The duel has already drawn sharp reactions on Capitol Hill. Sen. Elizabeth Warren called a Paramount–Warner combination a “five-alarm antitrust fire” and warned that a Netflix takeover also risks dangerous concentration in premium scripted entertainment and sports rights. Republican Sen. Mike Lee has signaled plans for hearings on Netflix’s bid, citing “a lot of antitrust red flags.”
Ethics experts warn that Trump’s involvement is complicated by the financing behind Paramount’s offer. The bid relies on equity from Jared Kushner’s Affinity Partners and several Gulf sovereign wealth funds alongside Ellison family money and RedBird Capital, raising questions about whether Trump-family interests could benefit from decisions made by agencies that report to him. Paramount has tried to blunt those concerns by dropping Chinese tech investor Tencent from its funding mix and limiting governance rights for foreign partners to steer clear of a full national security probe.
Netflix, for its part, projects confidence. Co-CEO Ted Sarandos has described the Paramount move as “entirely expected,” argued that Netflix and Trump are “in sync” on job creation and said he believes regulators will clear the deal. One veteran Washington antitrust lawyer told Deadline he expects approval, predicting that Netflix will argue its share should be measured against a wider field that includes YouTube and social video platforms.
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Paramount CEO David Ellison counters that his richer all-cash bid offers Warner investors greater certainty and a faster close while promising a “pro-competition” Hollywood giant anchored in theatrical releases, cable and streaming. With Warner’s board pledging to review the hostile offer but sticking, for now, with its Netflix recommendation, Trump’s decision to stay officially neutral keeps pressure high on regulators and shareholders who must soon decide which vision for the studio’s future they trust.
