Trump Raises Antitrust Concerns Over Netflix–Warner Bros. Merger Deal

President Donald J. Trump has signaled that Netflix’s planned acquisition of Warner Bros. Discovery could face intense antitrust scrutiny, casting new uncertainty over an $82.7 billion deal that would reshape the global entertainment industry.

Speaking to reporters as he arrived at the Kennedy Center in Washington for a cultural event, Trump said the proposed merger — which would combine Netflix’s massive streaming footprint with Warner Bros.’ iconic studio assets and HBO Max — demands careful regulatory review.

“That’s got to go through a process, and we’ll see what happens. But it is a big market share. It could be a problem,” Trump said.

His comments, the strongest indication yet of the administration’s stance, sent shockwaves through political, media, and financial circles.

A Streaming Giant in the Making

If approved, the acquisition would merge:

Netflix’s global subscriber base, and

Warner Bros.’ extensive film and TV catalog, including HBO Max

The combined company could control up to 450 million users worldwide, a consolidation likely to trigger a full-scale investigation by the U.S. Department of Justice (DOJ) antitrust division.

Regulators could argue that the merged entity surpasses competitive thresholds in the streaming market.

Netflix’s Likely Defense: The Market Is Bigger Than Streaming

Netflix plans to counter antitrust concerns by pushing for a broader market definition — one that includes:

YouTube

TikTok

Social video platforms

Gaming and other digital entertainment ecosystems

Netflix is expected to argue that consumer attention is fragmented, competition is fierce, and the streaming market remains fluid, pointing to its subscriber losses in recent years.

Deal Structure and Conditions

As earlier reported, Netflix entered a definitive agreement to acquire Warner Bros. Discovery in a deal valued at $82.7 billion.

Deal details include:

$23.25 in cash per share for Warner Bros. Discovery shareholders

$4.50 in Netflix stock per share

Valuation: $72 billion in equity

However, the transaction depends on Warner Bros. Discovery completing the spinoff of its Global Networks division into a new public entity, Discovery Global, expected in Q3 2026.

Trump Met With Netflix CEO Ted Sarandos

Trump confirmed he recently met with Netflix co-CEO Ted Sarandos, who has been lobbying aggressively for the merger.

According to sources familiar with the discussions, Sarandos argued that Netflix is far from a monopoly, highlighting competition from:

Amazon Prime Video

Disney+

Paramount+

Regional global streaming platforms

Sarandos emphasized that the merger is necessary to remain competitive in an increasingly crowded global content market.