Will Trump kill Netflix-Warner Bros deal? 

December 9, 2025

Netflix’s plan to buy Warner’s film, TV and streaming businesses has triggered concern across Hollywood and among regulators in the United States and Europe. Actors, directors and writers fear the move could further weaken theatres, while others are uneasy about how Netflix will handle Warner’s legacy as one of Hollywood’s most influential studios. Despite Netflix promoting the acquisition to its subscribers, the deal is not guaranteed. It requires regulatory approval, and several political leaders, including US President Donald Trump, have raised objections.

Netflix is the world’s largest streaming platform with about 300 million subscribers. Warner is a sprawling group that includes Warner Bros studio, cable networks such as CNN, TBS, TNT and Discovery, premium channel HBO and the streaming service HBO Max. Warner merged with Discovery in 2022 under CEO David Zaslav, taking on significant debt. Earlier this year, the company announced plans to separate its TV networks, which bring steady revenue but face declining profitability, from its flagship assets, including Warner Bros and HBO.

Several companies were interested in buying Warner. Paramount and Comcast were seen as strong contenders. Many industry observers were surprised when Netflix entered the race and eventually secured an agreement. Netflix offered $72 billion in cash and stock, which Warner accepted. Both companies are now in an exclusive negotiation period to finalise the deal. Netflix also agreed to a breakup fee of $5 billion if the deal collapses, a sign of the high regulatory risks attached to such a large acquisition.

The outcome has frustrated other bidders, especially Paramount. The company has accused Zaslav of favouring Netflix and claimed the process may not have protected shareholder interests. Paramount said it made several offers, including a last-minute $78 billion bid, all of which were rejected. It has now written to the Warner board seeking a review of the selection process. Analysts believe Zaslav may have preferred Netflix because it offers him a continued leadership role over the TV networks once they are carved out.

Paramount’s involvement adds another layer of complexity. It was recently bought by Larry Ellison, founder of Oracle and one of the world’s richest men. Ellison’s son David runs SkyDance Studios, known for the Mission Impossible franchise. With the Paramount acquisition, the Ellison family now controls CBS News and has already installed Bari Weiss in a top leadership post. A successful Paramount bid for Warner would create a media group capable of challenging both Disney and Netflix in the streaming market. Some reports suggest Paramount may even consider a hostile takeover if the Netflix deal moves ahead.