Trump Says He’ll Stay Out of Netflix–Warner Bros. Discovery Deal Fight

President Donald Trump says he is stepping back from the high-stakes battle over Warner Bros. Discovery, marking a shift from earlier comments suggesting he might personally weigh in.

In an exclusive interview with NBC Nightly News anchor Tom Llamas, Trump said the decision should be left to regulators.

“I haven’t been involved,” Trump said. “I’ve been called by both sides, but I’ve decided I shouldn’t be involved. The Justice Department will handle it.”

The comments come as Netflix and Paramount Skydance fight for control of Warner Bros. Discovery in a deal that could dramatically reshape the media industry.

A Bitter Bidding War

Netflix announced in December that it had struck a $72 billion agreement to buy Warner Bros. Discovery’s film studio, along with HBO and the HBO Max streaming service. Paramount Skydance countered with a rival bid for the broader company, including its cable networks.

Trump acknowledged the sharp disagreement between the two sides.

“One company says the other is too big and shouldn’t be allowed to do it,” he said. “They’re beating the hell out of each other — and there’ll be a winner.”

Paramount Skydance is led by David Ellison, the son of billionaire Larry Ellison, a longtime Trump supporter. The Ellison family controls Paramount, a fact that has drawn attention given Trump’s close relationship with Larry Ellison.

After Warner Bros. Discovery rejected Paramount’s offers, Paramount escalated into a hostile takeover attempt. Netflix later amended its bid to an all-cash offer, widely seen as a move to block further challenges.

Trump Changes His Tune

Just months ago, Trump openly questioned whether a Netflix–Warner Bros. Discovery merger should be approved, citing concerns about market power.

“They have a very big market share,” Trump said in December, adding at the time that he would be involved in the decision.

Now, however, Trump says regulators — not the White House — should decide. His shift could be seen as good news for Netflix, which already has a deal on the table.

What Happens Next

Warner Bros. Discovery shareholders could vote on Netflix’s proposal as early as March, according to CNBC. Even if approved, the deal would still need clearance from the Justice Department’s Antitrust Division and international regulators, including the European Commission.

Presidents have historically avoided direct involvement in antitrust decisions, though Trump has often spoken publicly about major corporate deals, including this one and Nippon Steel’s proposed acquisition of U.S. Steel.

Financial Questions and Capitol Hill Scrutiny

The controversy has been further fueled by Trump’s own finances. In January, he disclosed purchasing up to $2 million worth of Netflix and Warner Bros. Discovery bonds shortly after the deal was announced. The White House has said there are no conflicts of interest, and Trump has not commented on the investments.

Meanwhile, the deal is facing growing scrutiny in Congress. Netflix co-CEO Ted Sarandos testified this week before the Senate Judiciary Subcommittee on Antitrust, arguing the merger would increase competition, not reduce it.

Sarandos said the deal would not limit consumer choice or lead to mass job losses. Lawmakers from both parties pushed back — Democrats over consolidation and labor concerns, and Republicans over what they called Netflix’s “woke” content.

Sarandos rejected the criticism, telling senators Netflix has “no political agenda” and offers programming “for all — left, right, and center.”

As regulators review the deal, the outcome could reshape Hollywood and the streaming wars — with billions of dollars and the future of major media brands on the line.