Trump on Netflix buying Warner Bros. Discovery: 'I'll be involved in that decision'
Trump’s comments could amplify existing antitrust concerns. The deal will face a lengthy Justice Department review
Photo by Taylor Hill/FilmMagic
President Donald Trump raised competition concerns over Netflix’s takeover of Warner Bros. Discovery’s studio and streaming businesses, saying the combined size of the two firms “could be a problem.”
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Asked about the deal Sunday as he arrived at a Kennedy Center event, Trump said: “Well, that’s got to go through a process, and we’ll see what happens. But it is a big market share.”
Netflix said Friday that it will pay $27.75 per share for the divisions, which include HBO. Warner Bros. Discovery will spin off its TV networks, including CNN and TNT, into a separate company. The deal, worth more than $80 billion, is expected to close no sooner than the third quarter of next year.
Trump’s comments could amplify existing antitrust concerns. The deal will face a lengthy Justice Department review, while lawmakers have already warned they have concerns that by combining Netflix and HBO Max, the new streaming service could have a lopsided amount of power in the streaming space. Democratic Sen. Elizabeth Warren of Massachusetts called it “an anti-monopoly nightmare” in the making.
Trump said Netflix has “a very big market share, and when they have Warner Brothers, you know, that share goes up a lot.” Referring to whether the deal would get regulatory clearance he added: “I’ll be involved in that decision.”
He also said Ted Sarandos, Netflix’s co-CEO, was recently in the Oval Office. “I have a lot of respect for him," Trump said. "He's a great person. He's done one of the greatest jobs in the history of movies.”
Warner Bros. franchises include Harry Potter, Game of Thrones, Looney Tunes, The Matrix and Lord of the Rings. They would all come to Netflix as part of the deal. The deal could also impact the theatrical film market, as it's unclear if Netflix would continue to release films to theaters after commitments previously made by Warner Bros. Discovery are met. Netflix beat rivals including Comcast and Paramount Skydance to strike the deal with Warner Bros.
Former CEO of WarnerMedia Jason Kilar posted on X last week that he could not think of “a more effective way to reduce competition in Hollywood than selling WBD to Netflix.”