Trump Wades into Netflix–Warner Deal, Hints it May be Axed

U.S. President Donald Trump raised potential antitrust concerns about Netflix Inc.’s planned $72 billion acquisition of Warner Bros. Discovery Inc., noting that the market share of the combined entity may pose problems, Hadriana Lowenkron and Se Young Lee reported for Bloomberg News.

Bets on prediction marketplace Polymarket showed a 23% chance of Netflix closing the acquisition by the end of 2026. (Photo: Netflix) 

Trump’s comments, made as he arrived at the Kennedy Center for an event on Sunday, may spur concerns that regulators will oppose the coupling of the world’s dominant streaming service with a Hollywood icon.

By choosing Netflix, Warner Bros. jilted Paramount Skydance Corp., a move that risks igniting a political battle in Washington.

Paramount is backed by the world’s second-richest man, Larry Ellison, who is considered a Trump ally. The acquisition of Paramount, which closed in August, has won public praise from the president.

The company faces a lengthy Justice Department review of a deal that would reshape the entertainment industry.

Bets on prediction marketplace Polymarket showed a 23% chance of Netflix closing the acquisition by the end of 2026, down from around 60% just before Trump’s comments.

Warner Bros. rose 1% in early trading on the Blue Ocean trading platform, while Netflix fell 1.4%. The transaction would combine the world’s No. 1 streaming player with HBO Max.

The Justice Department’s antitrust division, which would review the deal in the U.S., could argue that the transaction is illegal because the combined market share would put Netflix well over a 30% threshold, María Paula Mijares Torres, Mark Anderson, Vlad Savov, Suvashree Ghosh, Abhishek Vishnoi, Sohee Kim, and Linus Chua also reported for Bloomberg News.