Warner Bros Discovery Sale Spurs Controversy with Netflix and Paramount Bids Involving Trump Connections
In December 2025, Warner Bros Discovery (WBD) became the center of one of the biggest global media acquisition battles with two major bids on the table. Netflix offered $72 billion for WBD's film and TV studios segment, with an enterprise value of $82.7 billion and a price of $27.75 per share. This deal, announced on 5 December, focuses solely on the studio division, excluding Discovery Global and CNN.
At the same time, Paramount launched a hostile bid of $108.4 billion for the entire Warner Bros Discovery company, offering $30 per share in cash. This ambitious bid would consolidate major media properties including CBS and CNN under one parent company, raising significant antitrust and market concentration concerns.
The WBD board revealed in October 2025 that it was open to selling or partly divesting the company. Born from the 2022 merger of WarnerMedia and Discovery, the firm carries around $35 billion in debt. The Department of Justice (DOJ) Antitrust Division has announced heightened scrutiny of the bids, emphasizing potential streaming monopolies and adverse effects on cinema distribution.
Political and industry reactions have been critical of the potential concentration in the streaming market. Senator Elizabeth Warren warned of massive streaming market control. Congresswoman Pramila Jayapal called the consolidation a "nightmare" for consumers. Unions such as SAG-AFTRA and the Directors Guild of America (DGA) have expressed concerns about industry impacts.
Former President Donald Trump has inserted himself controversially into the regulatory oversight process, stating he would be involved in key regulatory decisions. DOJ officials appointed by Trump are overseeing antitrust reviews. Trump has personal ties noted with Paramount's David Ellison and Kushner's Affinity Partners. He publicly stated that neither Netflix nor Paramount are his allies.
Looking ahead, Warner Bros Discovery must notify shareholders by 22 December whether Paramount's offer is superior. Netflix holds the right to match or beat the Paramount bid if deemed superior. Should WBD terminate the Netflix deal, it would owe Netflix a $2.8 billion termination fee. Shareholders are expected to vote on the final deal by 8 January 2026.
This potential landmark media acquisition promises broad implications across the global streaming, film, and television markets.
