Paramount launches hostile bid for Warner Bros. Discovery, Trump vows involvement

Donald Trump said Sunday, Dec. 7, that Netflix’s proposed acquisition of key assets from Warner Bros. Discovery “could be a problem” due to the company’s potential increase in market share.

Speaking to reporters ahead of an event at the Kennedy Center, Trump said he would be involved in the decision to approve the transaction. The $83 billion agreement, announced Friday, would see Netflix acquire Warner Bros.’ film studio and the HBO Max streaming service.

The deal is subject to regulatory review.

“They have a very big market share,” Trump said. “And when they have Warner Brothers, you know, that share goes up a lot. It could be a problem.”

“That’s going to be for some economists to tell.… And I’ll be involved in that decision, too, but they have a very big market share,” he added.

The president also confirmed that Netflix co-CEO Ted Sarandos visited the Oval Office last week. Trump said Sarandos “made no guarantees about the merger” but praised him as “a great person.”

Paramount responded to the announcement by launching a hostile bid on Dec. 8 to acquire all of Warner Bros. Discovery in an all-cash tender offer valued at $108.4 billion. Paramount’s offer of $30 per share includes Warner Bros. Discovery’s entire portfolio, including its Global Networks division.

In a statement, Paramount said its proposal is financially superior to the Netflix offer and poses fewer regulatory risks. The company said the Netflix transaction combines the dominant global subscription streaming platform with a major competitor and could lead to higher prices for consumers and reduced pay for content creators.

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Paramount CEO David Ellison said his company submitted six proposals to Warner Bros. Discovery over 12 weeks but did not receive meaningful engagement. The company is now appealing directly to shareholders and said it had secured $54 billion in debt financing from Bank of America, Citi and Apollo. The remaining financing would be backed by the Ellison family and RedBird Capital.

Warner Bros. Discovery’s board previously endorsed the Netflix agreement, which would first involve spinning off its linear television networks — including CNN, TNT Sports and Discovery Channel — into a separate public company by the third quarter of 2026.

Paramount’s offer will remain open until Jan. 8 at 5 p.m. ET, unless extended.

Netflix has not commented on the competitive bid but is expected to argue that it operates within a broader media landscape that includes major platforms such as YouTube.