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DC Weighs Antitrust Concerns Over Possible Netflix–HBO Max Merger

By  |  December 1, 2025

Senior figures in the Biden administration have privately raised red flags about Netflix’s potential bid to acquire Warner Bros. studio and HBO Max, according to New York Post reporting shared with The Post. The concern: such a deal could give the already-dominant streaming giant unprecedented sway over the entertainment industry.

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    The discussion occurred roughly 10 days ago in a meeting that, per New York Post, had not previously come to light. During the conversation, several officials pointed to the need for a deeper review of Netflix’s influence in the marketplace, a government representative familiar with the session said.

    “Basically everyone agreed that Netflix presents unique antitrust concerns and if it won the bidding war it would be one long slog and touch off an investigation along the lines of those of Google and Amazon,” the official said. “Netflix already has market dominance but if you add a major streaming service that would stifle competition at some point,” the official added.

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    According to the New York Post, the talks come as Warner Bros. Discovery’s board prepares to receive a second round of offers, with a deadline set for Monday afternoon. WBD oversees the top-ranked Warner Bros. studio, HBO Max, and several major cable outlets including HBO and CNN.

    Related: Republican Lawmaker Presses Officials Over Netflix Bid for HBO Max

    Among the potential suitors is Paramount Skydance, backed by movie producer David Ellison and Oracle co-founder Larry Ellison. Their initial October bid reportedly valued the company at $23.50 per share, and they are expected to raise that figure in the next round. Comcast, led by Brian Roberts, is also said to be pursuing a bid, though officials expressed skepticism about its chances due to political friction surrounding its MSNBC network, the New York Post has reported.

    Netflix is likewise preparing to sweeten its proposal for WBD’s core assets, but faces its own regulatory challenges. The company, founded 28 years ago by Reed Hastings and now led by CEO Ted Sarandos, has grown into the world’s largest streaming platform with 300 million subscribers. White House officials voiced concerns that its scale could weaken competition further as Americans continue moving away from traditional cable packages. European regulators may also take issue with a merger of this size, according to the government official who spoke with The Post.

    Meanwhile, Sarandos and a team of lawyers and lobbyists have been traversing Washington to make Netflix’s case. Per New York Post reporting, the company has argued that combining with the No. 3 streaming service and a major Hollywood studio would not violate antitrust laws due to what it calls “category ambiguity.”

    As bidding intensifies, regulators are bracing for a potentially prolonged battle over the future of Hollywood’s streaming landscape.

    Source: NY Post