The battle for Warner Bros. Discovery has taken a surprising turn, with President Donald Trump now indicating he will recuse himself from directly influencing the outcome of the bidding war between Netflix and Paramount Skydance. This marks a shift from his earlier statements in December 2025, where he suggested he would be “involved in that decision,” potentially subjecting the deal to a politically charged review.
Trump revealed to NBC Nightly News that he has been contacted by both Netflix and Paramount regarding their respective bids, but has decided to let the Justice Department handle the regulatory process. “I’ve been called by both sides,” Trump said. “It’s the two sides, but I’ve decided I shouldn’t be involved. The Justice Department will handle it.”
The initial interest from Trump stemmed from concerns about Netflix’s growing market share. In early December, following Netflix’s bid of $72 billion (plus debt) for Warner Bros. Discovery, Trump expressed reservations, stating, “They have a very big market share and when they have Warner Bros., you know, that share goes up a lot so, I don’t know.”
Paramount Skydance quickly responded with a competing hostile, all-cash offer of $30 per share for all of Warner Bros. Discovery, including its cable assets, appealing directly to shareholders. This bid was presented as a more valuable alternative to Netflix’s offer, and has been backed by Oracle billionaire Larry Ellison.
The stakes are particularly high due to the future of CNN, which is included in the Paramount Skydance bid but excluded from Netflix’s offer. Trump has been openly critical of CNN’s leadership, labeling them a “disgrace” and suggesting that allowing them to remain in control would be detrimental. He stated, “I think it’s imperative that CNN be sold because you certainly wouldn’t want to … leave those people with some money, good money … so that, you know, they can spend even more money spreading poison, because it’s lies.”
This focus on CNN has become a central element of the bidding war, with both companies reportedly lobbying the White House. Paramount’s bid appears to be predicated, in part, on potential editorial changes at CNN should the deal be finalized. Jared Kushner is also reportedly backing the Paramount Skydance bid.
The situation is a significant departure from , during a previous sale of HBO and Warner’s parent company, suggesting a more interventionist approach from the current administration. Big business executives have been actively seeking to cultivate relationships with Trump, often offering investments in his pet projects in exchange for favorable treatment.
However, Trump also faces a delicate balancing act between fostering strong business relationships and responding to his populist base, which is demanding that the Justice Department scrutinize the Netflix deal. For now, his position is one of cautious observation: “we’ll see what happens.”
The proposed mergers are complex and will require extensive legal and regulatory review. Both Netflix and Paramount Skydance are preparing for this process, with Netflix anticipating a “lengthy legal review” of its bid. Regardless of the outcome, the deals will need to clear regulatory hurdles, and Trump’s decision to defer to the Justice Department suggests a willingness to allow the legal process to unfold without direct political interference – at least for now.
Warner Bros. Discovery shareholders have been advised to reject the Paramount Skydance deal, adding another layer of complexity to the ongoing saga. The battle for the media giant continues, with the future of CNN and the broader media landscape hanging in the balance.
