Paramount Skydance on Monday launched a hostile bid to take over Warner Bros. Discovery shortly after US President Donald Trump publicly expressed skepticism of Netflix’s proposed deal to acquire parts of the media company—and pledged to intervene in the federal review process.
“It is a big market share, there’s no question about it,” Trump said late Sunday of Netflix’s proposed $83 billion purchase of Warner Bros. Discovery’s (WBD) film studio and streaming business.
“I’ll be involved in that decision,” the president added.
Hours after Trump’s comments, Paramount CEO David Ellison—the son of billionaire GOP megadonor and close Trump ally Larry Ellison—announced the hostile bid to buy WBD, attempting to subvert the Netflix deal by taking an all-cash, $30-per-share offer directly to Warner Bros. shareholders.
Observers expressed alarm over the seeming coordination between the president and Paramount’s chief executive as the fight over Warner Bros. escalates. Trump reportedly favored Paramount to win the bidding war for WBD, which owns CNN, HBO Max, and other major assets.
Axios reported Monday that “Affinity Partners, the private equity firm led by Jared Kushner, is part of Paramount’s hostile takeover bid for Warner Bros Discovery, according to a regulatory filing.”
“Affinity Partners was not mentioned in Paramount’s press release on Monday morning about its $108 billion bid,” Axios noted, “nor were participating sovereign wealth funds from Saudi Arabia, Abu Dhabi, and Qatar.”
Ellison was reportedly at the White House last week urging the Trump administration to block Netflix’s bid for WBD.
Speaking to CNBC on Monday, Ellison said that “we’ve had great conversations with the president about” Paramount—which controls CBS News thanks to a merger that the Trump administration approved—potentially becoming the owner of CNN, a frequent target of Trump’s vitriol.
CNBC: Do you think the president embraces the idea of you being the owner of CNN given his criticism for that network?
DAVID ELLISON: Ah – we’ve had great conversations with the president about this but I don’t want to speak for him in any way, shape, or form pic.twitter.com/FdwBzfP3eO
— Aaron Rupar (@atrupar) December 8, 2025
Nidhi Hegde, executive director of the American Economic Liberties Project, said in response to Ellison’s remarks that “the correct option is neither Paramount nor Netflix buy Warner.”
“The president inserting himself in the deal is obviously problematic, regardless of the parties involved,” said Hegde. “If Netflix’s Ted Sarandos, who Trump called a great person, finds a way to appease him, that is also not good!”
US Sen. Elizabeth Warren (D-Mass.) expressed similar concerns about Trump’s potential corruption of the regulatory process. The proposed Netflix deal is expected to face a review by the US Justice Department’s Antitrust Division, where top officials were recently ousted for “insubordination” amid criticism of agency leaders’ corporate-friendly approach to merger enforcement.
“Is that an open invite for CEOs to curry favor with Trump in exchange for merger approvals?” Warren asked after Trump pledged to insert himself into the Netflix-WBD review process.
“It should be an independent decision by the Department of Justice based on the law and facts,” added Warren, who called the Netflix-WBD deal “an anti-monopoly nightmare.”
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