According to Business Insider, a massive media merger war erupted last week after Netflix announced its intention to acquire Warner Bros. Discovery for $72 billion. WBD, having rejected offers from Paramount and Skydance, proceeded with that sale. But on Monday, Paramount launched a hostile counter-bid, offering $30 per share for all of WBD. In response to questions about the fight, President Donald Trump said he knows the companies well but needs to review their market share, stating, “I want to do what’s right.” He had previously said on Sunday that the combined market share of Netflix and WBD “could be a problem,” while also praising Netflix CEO Ted Sarandos.
Trump’s Approval Is Everything
Here’s the thing: this isn’t just corporate drama. It’s a political and regulatory showdown waiting to happen. Trump’s comments are incredibly significant because, as Business Insider’s Peter Kafka noted, any deal of this scale will need regulatory approval in 2025, which is basically synonymous with Trump’s approval. He’s done this before, famously opposing the AT&T-Time Warner deal. So when he says he’s looking at market share percentages, he’s telegraphing the exact lens—antitrust—through which he’ll view this. It’s a direct warning to the companies involved.
A Hostile Bid Shakes Everything Up
Paramount’s $30-per-share hostile bid is a desperate, bold move. They’re the underdog trying to stop a titan. In a memo to employees, CEO David Ellison argued combining with WBD would “strengthen both companies and the entertainment industry as a whole.” But is that the real goal? Or is it simply to avoid being the next, weaker acquisition target themselves? This feels like a defensive play disguised as an offensive one. Netflix’s $72 billion offer is staggering, but Paramount’s hostile tactic guarantees a messy, public, and expensive fight. It forces everyone’s hand, including Trump’s.
What Happens Next?
So where does this leave us? We have a three-way standoff with a regulator-in-chief who’s openly skeptical. Trump’s mixed messages—praising Sarandos but worrying about market power—are classic. They keep everyone guessing. I think the trajectory points toward a prolonged battle. Paramount’s bid might not win, but it could force Netflix to raise its offer or draw out the process so long that regulatory winds shift. The emerging trend is clear: the streaming consolidation we all saw coming is here, and it’s going to be brutal, political, and exorbitantly priced. Buckle up.
