President Donald Trump announced on Wednesday that he will not intervene in the escalating contest between Netflix and Paramount Skydance to acquire Warner Bros. Discovery (WBD), marking a stark reversal from his December 2025 assertion that he would personally review and influence the deal’s outcome.
In an interview with NBC News, Trump stated, “I haven’t been involved. I must say, I guess I’m considered to be a very strong president. I’ve been called by both sides. It’s the two sides, but I’ve decided I shouldn’t be involved. The Justice Department will handle it.”
Trump’s earlier involvement stemmed from his comments shortly after Netflix announced its $82.7 billion proposal (enterprise value, with $72 billion in equity) to acquire Warner Bros. Discovery’s streaming and studios division on December 5, 2025. Speaking to reporters on December 7, Trump expressed concerns over market concentration, noting Netflix’s “very big market share” and stating that adding Warner Bros. would make it “go up a lot.”
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He added: “That’s gonna be for some economists to tell, and I’ll be involved in that decision.”
At the time, Trump indicated he would consult experts and play a role in the approval process, aligning with his administration’s antitrust scrutiny of Big Tech and media mergers. The Netflix deal, amended to an all-cash structure on January 20, 2026, values Warner Bros. at $27.75 per share and includes its film and television studios, HBO, HBO Max, DC Studios, and extensive content library. The transaction excludes WBD’s Global Linear Networks division, which will spin off as Discovery Global in Q3 2026.
Netflix has filed its Hart-Scott-Rodino (HSR) notification and is engaging with U.S., European Commission, and UK regulators, expecting closure in 12-18 months from the original agreement. Paramount Skydance launched a hostile all-cash counterbid on December 8, 2025, offering $30 per share for the entirety of Warner Bros. Discovery, valuing the deal at $108.4 billion.
Financed by $41 billion in equity from the Ellison family, RedBird Capital, Saudi Arabia’s PIF, Qatar’s QIA, and Abu Dhabi’s ADIA, plus $54 billion in debt commitments from Bank of America, Citigroup, and Apollo Global Management, Paramount argues its proposal creates a more competitive integrated studio and streaming entity while facing an easier regulatory path. The tender offer deadline was extended to February 20, 2026, after only 6.8% (168.5 million shares) were tendered by the original January 21 cutoff.
Warner Bros. Discovery’s board has unanimously rejected Paramount’s bid multiple times, deeming it inferior due to risks, costs, and uncertainties. In a January 7, 2026, statement, the board highlighted that Paramount’s offer would require WBD to pay Netflix a $2.8 billion termination fee, incur $1.5 billion in debt exchange penalties, and face $350 million in incremental interest expenses—totaling $4.7 billion or $1.79 per share in dilution. They recommend shareholders reject the tender and approve the Netflix deal at a vote expected by April 2026.
Paramount plans to nominate directors for WBD’s 2026 annual meeting and solicit against the Netflix transaction. The U.S. Department of Justice (DOJ) Antitrust Division initiated an in-depth review on January 16, 2026, issuing a “second request” for additional information, pausing the HSR waiting period. European Commission and UK regulators are also examining the proposals.
Antitrust concerns are higher for Netflix due to its dominant streaming position—potentially reducing competition in video-on-demand, content licensing, and production—while Paramount’s bid may face fewer hurdles but raises debt sustainability issues.
Trump’s decision to defer to the DOJ avoids direct involvement in a deal pitting corporate giants against each other. Netflix CEO Ted Sarandos met with Trump in December 2025, shortly before the bid, while Paramount CEO David Ellison—son of Oracle co-founder Larry Ellison, a close Trump ally—has lobbied for his offer. Ellison declined a Senate hearing invitation on February 3, 2026, to discuss antitrust implications, citing Warner Bros.’ rejection of Paramount’s bids.
Market reactions have been volatile, with WBD shares fluctuating amid speculation. Analysts like those at ProMarket note Netflix faces greater antitrust barriers than Paramount, potentially leading to protracted reviews. U.S. lawmakers, including Sen. Elizabeth Warren and Rep. Darrell Issa, have called for rigorous scrutiny, citing impacts on consumers, workers, and theatrical distribution.
While the battle is expected to reshape Hollywood, Trump’s hands-off approach shifts focus to regulators, potentially prolonging uncertainty for all parties.