Trump raises antitrust concerns over Netflix's US$72 billion bid for Warner Bros Discovery

US President Donald Trump on 8 December, expressed concerns over Netflix Inc’s proposed US$72 billion acquisition of Warner Bros Discovery Inc, citing the potentially problematic market share of the resulting entity.

Speaking to reporters at the Kennedy Center in New York, Trump acknowledged a recent meeting with Netflix co-CEO Ted Sarandos and said, “Well, that’s got to go through a process, and we’ll see what happens.”

He added, “It is a big market share. It could be a problem.”

The remarks marked the first public indication from the President that the transaction may encounter political resistance at the highest level, amid already growing scrutiny from regulatory agencies and lawmakers.

The proposed deal, if approved, would combine Netflix—the world’s largest streaming service—with Warner Bros Discovery, the parent of HBO Max, creating a platform with an estimated 450 million users worldwide.

The US Department of Justice (DOJ) is currently reviewing the acquisition. Its antitrust division could determine that the merger would violate US competition laws, particularly if the combined market share exceeds the commonly used 30 percent threshold.

According to Trump, the market power gained through the merger “goes up a lot” when Netflix includes Warner Bros in its portfolio. “I will be personally involved in the decisionmaking process,” he said.

The President’s comments had an immediate impact on financial predictions. On Polymarket, a decentralised prediction platform, the probability of the deal closing by the end of 2026 fell to 23 percent, down from 60 percent just prior to his remarks.

Bloomberg reported that Sarandos had visited the White House to lobby in favour of the deal, arguing that Netflix is not an all-powerful monopoly.

Sarandos reportedly pointed to past subscriber losses and ongoing competition from platforms like Amazon Prime Video and Walt Disney Co’s Disney+.

Despite this, bipartisan political figures have criticised the transaction. Republican Representative Darrell Issa and Democratic Senator Elizabeth Warren have both raised objections, warning the merger would reduce competition and raise prices for consumers.

In the United Kingdom, scrutiny began even before the formal announcement. Baroness Luciana Berger of the House of Lords asked the government how the deal might affect competition and consumer pricing in the UK media landscape.

Meanwhile, EU regulators are also expected to launch a comprehensive review. The European Commission has not issued a formal statement, but analysts anticipate a rigorous evaluation process, particularly in light of recent efforts to rein in big tech and media consolidations.

Netflix has maintained that it faces strong competition from several directions, including Apple TV+, YouTube, Amazon, and traditional broadcasters adapting to streaming.

According to reports that cite sources familiar with the company's internal strategy, executives believe these market dynamics will help them argue against any monopoly claims.

If successful, the acquisition would dramatically reshape the global streaming landscape, consolidating massive content libraries, distribution networks, and user bases. The move would also accelerate Netflix’s strategy of expanding original programming and increasing vertical integration.

However, Trump’s direct involvement adds a new layer of unpredictability, particularly given the politicised environment surrounding large technology and media mergers.

Netflix and Warner Bros Discovery have not issued official statements in response to the President’s remarks. The DOJ has also not indicated a timeline for its review.

As of now, the deal remains pending and subject to multiple layers of review in the US, UK, and European Union.