What to know

  • President Trump stated the Netflix-Warner Bros. deal "could be a problem" due to the massive resulting market share.​
  • He met Netflix co-CEO Ted Sarandos last week and plans personal involvement in the federal review process.​
  • The deal, announced December 5, 2025, would merge Warner's studios, HBO Max, and franchises like Harry Potter with Netflix's platform.​
  • Trump's administration already views the merger with heavy skepticism amid broader antitrust scrutiny.

Netflix struck a definitive agreement on December 5, 2025, to purchase Warner Bros. Discovery's film and television studios, plus HBO Max, for $72 billion. This transaction follows Warner Bros. Discovery's separation of assets and positions Netflix as the winner over bidders like Paramount Skydance and Comcast. Regulators must approve the deal, which promises to reshape streaming by uniting vast content libraries.

"It could be a problem" - Trump

President Trump addressed reporters on the red carpet at the Kennedy Center Honors on December 7, 2025, calling Netflix a "great company" led by "fantastic" co-CEO Ted Sarandos. He emphasized Netflix's "very big market share" would grow dramatically with Warner Bros., stating, "There's no question about it. It could be a problem." Trump confirmed his role in the Justice Department's review, noting the deal requires a full process before approval.

Merger fears and assets at stake

The merger raises fears of market dominance, as Netflix holds just under 10% of U.S. TV viewership but would gain with Warner's DC Studios, HBO content, and more. Trump's signals echo administration skepticism expressed days after the announcement. Executives argue the combined entity would still trail giants like YouTube in overall share, but federal scrutiny focuses on streaming concentration.​

Warner Bros. brings iconic franchises including Harry Potter, Game of Thrones, and Batman, alongside HBO Max subscribers. Netflix gains production muscle from Warner's studios, boosting its global content pipeline. The deal excludes some Warner Bros. Discovery assets, targeting core entertainment divisions.

Federal authorities will examine competition impacts, with Trump vowing involvement. Past mergers faced delays; this one tests streaming consolidation limits under current leadership. Observers watch for prolonged review given the $72 billion scale plus debt assumptions.

The shift in the streaming landscape

Approvals could create a streaming titan, pressuring rivals like Disney and Amazon. Denials might force asset sales or deal collapse, preserving competition. Given all this, Sarandos offered no merger guarantees during his Oval Office visit.

Weighing the merger's future, one can expect drawn-out reviews as antitrust enforcers probe market effects, but Trump's direct stake adds uncertainty to Netflix's bold expansion.