Netflix’s hopes of acquiring Warner Bros. Discovery may have just hit a wall.
According to The New York Post, senior White House officials recently held a closed-door meeting in which they raised serious antitrust concerns over Netflix’s bid to acquire Warner Bros. studio and the HBO Max streaming platform.
The officials suggested that a full-scale investigation into Netflix’s market dominance may be warranted, which would be a potential death blow to the streamer’s chances.
Netflix “Presents Unique Antitrust Concerns”
A government official present at the meeting said the consensus was clear: “Netflix presents unique antitrust concerns.”
The concern is that adding HBO Max and Warner Bros. to Netflix’s already dominant streaming empire would stifle competition and further consolidate power in Hollywood.
Officials even floated the idea of a broader probe into Netflix’s entire business operations — likening it to the types of investigations seen with tech giants like Google and Amazon.
The Trump-aligned regulators appear increasingly skeptical of Netflix’s proposed legal argument of “category ambiguity,” which claims antitrust laws don’t apply to streaming due to platforms like YouTube and TikTok.
While the theory has reportedly won over some WBD board members, it’s falling flat with those advising President Trump on media and tech policy.
Trump’s DOJ Expected to Intervene
If Netflix somehow wins the bid, insiders say the deal would face a brutal, years-long review by the DOJ under Trump’s appointee, antitrust chief Gale Slater.
The investigation could potentially expand beyond the acquisition itself and examine Netflix’s entire platform and practices, something the company has managed to avoid so far.
It’s another reason why Paramount Skydance remains the leading bidder: it faces far less regulatory resistance due to its Trump ties and intention to buy all of WBD, not just the studio and streaming division.
Paramount Still in Lead
With a second round of bids due Monday, Paramount Skydance is expected to raise its offer from the previous $23.50/share as it continues its push to win over the WBD board.
Comcast is also expected to sweeten its bid, though its MSNBC baggage continues to make approval unlikely under Trump.
Netflix may still submit a higher revised proposal, but the regulatory cloud now hanging over it could render the effort futile.
With both U.S. and likely European regulators set to push back, Netflix’s path to acquiring Warner Bros. Discovery is looking increasingly closed.
