Oppenheimer managing director Jason Helfstein discusses Netflix’s bid to acquire Warner Bros. Discovery, opposition to the deal and more on ‘The Claman Countdown.’
The Trump administration reportedly has some reservations about the proposed $72 billion deal for Netflix to acquire Warner Bros. Discovery’s film and television studios and streaming platform, HBO Max.
A senior Trump administration official reportedly told CNBC that inside the White House, the deal, which is subject to regulatory approval, was being viewed with “heavy skepticism.” The outlet did not give any further details on the objection and President Donald Trump has yet to comment on it.
Paramount Skydance reportedly also made multiple bids to buy the entirety of Warner Bros. Discovery, rather than part of the company’s assets, according to CNBC. The outlet noted that Paramount’s final offer priced shares at $30 each.
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The Trump administration is reportedly skeptical about a deal between Netflix and Warner Bros. Discovery. (Anna Moneymaker/Getty Images; Mike Blake/Reuters; Mario Tama/Getty Images / Fox News)
The report of Paramount Skydance’s attempt to buy Warner Bros. Discovery comes amid speculation on whether Trump’s ties to Paramount Skydance CEO David Ellison’s father, Larry Ellison, would play a role in getting the Netflix deal closed.
The Wall Street Journal reported on Thursday that Paramount said in a letter to attorneys Warner Bros. Discovery that the Netflix deal would likely “never close” due to regulatory challenges in the U.S. and abroad.
David Ellison reportedly met with Trump officials and other lawmakers in an attempt to make his case against Warner Bros. Discovery striking a deal with Netflix, according to The New York Post.
While Trump has not publicly addressed this deal, he made statements against another major merger before taking office for his first term.
In October 2016, Trump openly opposed a proposed merger between AT&T Inc. and Time Warner Inc. The then-presidential candidate said it was “too much concentration of power in the hands of too few.” He referred to the merger as “an example of the power structure I am fighting.”
Netflix and Warner Bros logos are seen in this illustration taken Dec. 5, 2025. (Dado Ruvic/Illustration/Reuters / Reuters)
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Sen. Elizabeth Warren, D-Mass., has spoken out against the proposed deal between Netflix and Warner Bros. Discovery, saying it “looks like an anti-monopoly nightmare.”
“A Netflix-Warner Bros. would create one massive media giant with control of close to half of the streaming market. It could force you into higher prices, fewer choices over what and how you watch, and may put American workers at risk,” Warren wrote on X.
Warren slammed Trump, saying that under his leadership, the nation’s antitrust review process had “become a cesspool of political favoritism and corruption.” She then called on the Justice Department to enforce anti-monopoly laws “fairly and transparently” and not to “use the Warner Bros. deal review to invite influence-peddling and bribery.”
The Writers Guild of America (WGA), a union representing writers in motion pictures, television, radio and more, issued a scathing statement against the proposed deal, saying that “this merger must be blocked.”
“The world’s largest streaming company swallowing one of its biggest competitors is what antitrust laws were designed to prevent. The outcome would eliminate jobs, push down wages, worsen conditions for all entertainment workers, raise prices for consumers, and reduce the volume and diversity of content for all viewers,” WGA’s statement read.
Under the deal, Netflix would add franchises, shows and movies such as “The Big Bang Theory,” “The Sopranos,” “Game of Thrones,” “The Wizard of Oz” and the DC Universe to its extensive library.
Netflix’s “Squid Game” shows how important international markets are for the streaming giant. (Youngkyu Park/Netflix / Fox News)
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“By combining Warner Bros.’ incredible library of shows and movies — from timeless classics like Casablanca and Citizen Kane to modern favorites like ‘Harry Potter’ and ‘Friends’ — with our culture-defining titles like ‘Stranger Things,’ ‘KPop Demon Hunters’ and ‘Squid Game,’ we’ll be able to do that even better,” Netflix co-CEO Ted Sarandos said in a statement about the proposed deal.
Greg Peters, co-CEO of Netflix, said that the deal would improve the streaming platform’s offerings for “decades to come.”
“Warner Bros. has helped define entertainment for more than a century and continues to do so with phenomenal creative executives and production capabilities. With our global reach and proven business model, we can introduce a broader audience to the worlds they create — giving our members more options, attracting more fans to our best-in-class streaming service, strengthening the entire entertainment industry and creating more value for shareholders,” Peters said.
Warner Bros. Discovery CEO and President David Zaslav said the announcement “combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love to watch the most.”
Rupert Grint, Emma Watson and Daniel Radcliffe on the set of the film “Harry Potter and The Prisoner of Azkaban” in London, England, in 2003. (Murray Close/ Getty Images)
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Netflix argued in a statement that the deal would give customers more choice and greater value, provide opportunities for the creative community, lead to a stronger entertainment industry and produce more value for shareholders. The boards of directors for both Netflix and Warner Bros. Discovery unanimously approved of the deal.
The transaction is expected to close after Warner Bros. Discovery separates its streaming and studios and global networks divisions into two separate publicly traded companies. That is now expected to be completed in the back half of 2026.
FOX Business reached out to the White House, Netflix, Warner Bros. Discovery and Paramount Skydance for comment.
Fox News Digital’s Daniella Genovese contributed to this report.