Trump reverses course on Netflix-Paramount fight for Warner Bros. Discovery: ‘It’s the two sides, but…’

President Donald Trump has said he will not intervene in the intensifying battle between Netflix and Paramount Skydance over Warner Bros. Discovery, reversing comments made late last year that suggested he could personally weigh in on a deal that would reshape the global media industry.

“I haven’t been involved,” Trump told NBC Nightly News anchor Tom Llamas in an exclusive interview on Wednesday. “I must say, I guess I’m considered to be a very strong president. I’ve been called by both sides. It’s the two sides, but I’ve decided I shouldn’t be involved. The Justice Department will handle it.”

“There’s a theory that one of the companies is too big and it shouldn’t be allowed to do it, and the other company is saying something else,” he said. “They’re beating the hell out of each other — and there’ll be a winner.”

The remarks mark a notable shift from Trump’s public posture in December, when he questioned whether regulators should approve a Netflix acquisition of key Warner Bros. Discovery assets.

“They have a very big market share,” Trump said in December. “When they have Warner Bros., that share goes up a lot.” He added that he would consult economists and said, “I’ll be involved in that decision.”

Paramount Skydance, meanwhile, pursued a competing bid for the broader Warner Bros. Discovery business, including its cable networks. After Warner Bros. Discovery rejected Paramount’s approaches in favour of Netflix’s offer, Paramount escalated into a hostile takeover attempt.

In response, Netflix amended its proposal into an all-cash bid — a move widely interpreted as designed to deter rival interest and strengthen the certainty of completion.

Trump has maintained a close relationship with the elder Ellison, a dynamic that has attracted attention as the bidding war has intensified — particularly given Trump’s earlier suggestion he might play a role in the deal’s outcome.

Trump’s decision to step back could be read as a boost for Netflix, which already has an agreed transaction in place, even though the deal remains subject to antitrust approval.

Warner Bros. Discovery shareholders could vote on Netflix’s proposed acquisition as early as March, according to CNBC, though any deal would still require approval from the Justice Department’s Antitrust Division and regulators abroad, including the European Commission.

Historically, US presidents have rarely intervened directly in antitrust reviews. However, Trump has shown an unusually high willingness to comment publicly on major corporate transactions, including the Netflix-Warner deal and Nippon Steel’s acquisition of U.S. Steel.

He has frequently attacked Warner-owned CNN and, in the past, called for the network to change ownership — even though CNN is not included in Netflix’s proposed acquisition.

Trump investments in Netflix and Warner bonds raise questions

The controversy surrounding the deal has also expanded beyond politics and into Trump’s personal finances.

Trump disclosed in January that he purchased up to $2 million worth of Netflix and Warner Bros. Discovery bonds in the days after Netflix’s deal announcement, according to a financial disclosure form released by the White House.

The filing showed multiple purchases of Netflix- and Warner-related bonds in mid-December; the exact amounts were reported in ranges rather than precise figures.

The White House has previously maintained that there are no conflicts of interest between Trump’s role as president and his personal investments and businesses. Trump has not commented publicly on the bond purchases in relation to the merger.

On Tuesday, Netflix co-CEO Ted Sarandos testified before the Senate Judiciary subcommittee on Antitrust, Competition Policy and Consumer Rights, arguing the transaction would strengthen competition rather than weaken it.

Sarandos said the transaction was “not a typical media merger” and rejected claims that it would limit consumer choice or lead to widespread job losses.

Lawmakers from both parties questioned Sarandos sharply, though their concerns differed. Democrats focused on consolidation and potential labour impacts, while several Republican senators criticised Netflix over what they described as politically biased or “overwhelmingly woke” programming.

Sarandos denied those accusations, telling senators that Netflix has “no political agenda” and that it offers programming “for all, left, right and center.”

For Paramount Skydance, the hostile challenge represents a last-ditch effort to prevent a rival from consolidating power across streaming and studio production.