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US President Raises Antitrust Worries Over Netflix–Warner Bros. Deal

By  |  December 8, 2025

U.S. President Donald Trump has signaled that Netflix Inc.’s proposed $72 billion purchase of Warner Bros. Discovery  could face antitrust pushback, citing the significant market presence of the combined company. His remarks have introduced new uncertainty into a transaction that would dramatically reshape the entertainment landscape, according to Bloomberg.

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    Speaking to reporters as he arrived at the Kennedy Center for an event, Trump confirmed that he recently spoke with Netflix co-Chief Executive Officer Ted Sarandos. “Well, that’s got to go through a process, and we’ll see what happens,” he said when asked about the merger plan. “But it is a big market share. It could be a problem.” Those comments immediately rattled sentiment around the deal, per Bloomberg, as traders on prediction platform Polymarket cut the likelihood of the acquisition closing by 2026 from roughly 60% to 23%.

    Warner Bros. Discovery shares slipped slightly in premarket trading Monday to $25.86 — still below Netflix’s bid of $27.75 per share. Under the terms of the transaction, Warner Bros. would first separate its cable networks division into its own entity before transferring control of HBO and its studios business to Netflix, according to Bloomberg.

    Sarandos has dismissed worries about regulatory resistance, telling investors that he is “highly confident in the regulatory process,” and arguing the combination will benefit audiences, employees, and innovation. That confidence is backed by financial risk: Netflix agreed to pay Warner Bros. $5.8 billion if the takeover is blocked — one of the largest breakup fees ever, per Bloomberg.

    Related: Netflix’s $72bn Purchase Bid Triggers Concerns Over Consumer Choice

    Still, the Justice Department’s antitrust division is expected to closely examine how the merger would affect competition. The unification of Netflix, the world’s largest streaming service, with HBO Max would give the company roughly 30% of the streaming market in the US. Trump emphasized the concern himself, saying Netflix has “a very big market share, and when they have Warner Brothers, you know, that share goes up a lot,” while noting he plans to stay personally involved in discussions around the deal.

    Netflix, however, intends to argue that its dominance is overstated, according to Bloomberg. The company believes regulators should account for competition from platforms like Alphabet Inc.’s YouTube and ByteDance Ltd.’s TikTok, which would significantly reduce its share in a broader digital entertainment market. Even under a narrower definition focused solely on subscription streaming, people familiar with the company’s strategy say Netflix expects to prevail by pointing to deep-pocketed rivals such as Amazon’s Prime Video and Walt Disney Co.

    The acquisition still faces months — or potentially years — of scrutiny, and Trump’s latest remarks underscore the heightened political attention surrounding consolidation in Hollywood’s streaming wars.

    Source: Bloomberg