A new twist in the high-stakes bidding war for Warner Bros. Discovery is making headlines, and this time, it involves none other than President Donald Trump.
While the president had distanced himself from the sale and his son-in-law, Jared Kushner, even backed out, Trump now seems to have fully aligned with Paramount against Netflix.
Paramount Skydance’s “Plan D”
According to a recent New York Post report by Charles Gasparino, Paramount Skydance has moved to “Plan D” in its bid to derail Netflix’s so-called “winning” offer for Warner Bros. Discovery.
After multiple failed strategies — including an all-cash $30/share offer, a potential hostile takeover, and even threatening litigation — the Ellison-backed studio is now playing the long game.
Insiders for the site say they’re focused on hammering home the enormous regulatory risks surrounding the Netflix-WBD merger, hoping the deal collapses under its own weight.
And now, they may have found their biggest ally yet: President Trump.
Trump Targets Netflix Takeover
Trump posted a One America News article on Truth Social titled “Stop the Netflix Cultural Takeover,” slamming the deal as an ideological power grab by a “woke” media monopoly.
The article accuses Netflix of seeking to consolidate “unprecedented cultural power” by acquiring Warner Bros. Discovery, home to iconic brands like DC Comics, HBO, and Harry Potter.
The message? If Netflix controls these assets, it could become the most dominant cultural gatekeeper in history, able to “rewrite characters, retell history, redefine social norms, and control which ideas reach audiences.”
Trump’s repost was seen by many as an endorsement of Paramount Skydance’s rival bid and a warning shot at regulators.
It also follows Netflix’s biggest show, Stranger Things, going completely woke in its final season.
Regulatory Chaos Incoming?
This aligns perfectly with what the Ellisons and RedBird Capital have been arguing for months: the Netflix-WBD deal is a regulatory nightmare waiting to happen.
Netflix is offering $27.75 per share in a mix of stock and cash for Warner Bros. studio and HBO Max, with an extra $3 per share tied to a risky cable spinoff (CNN, TNT, Discovery). But that $3 is looking more like a pipe dream, as investors balk at the $15 billion debt dumped onto the spinout.
Meanwhile, Netflix has lost over $160 billion in market cap since the bidding war began, and skeptics question whether it can even afford the deal. The Ellisons are calling out the declining value of Netflix stock as another ticking time bomb for WBD shareholders.
And that’s before regulators weigh in.
Combining Netflix (#1 in streaming) with WBD (#3) could trigger an antitrust firestorm. Even Mario Gabelli — a longtime WBD investor — told Gasparino the deal is too convoluted and should be simplified, saying bluntly: “Cash is king.” That’s why he favors the Ellisons’ all-cash offer.
Is Netflix Ideologically Preferred?
Perhaps the most explosive claim is that WBD’s board favored Netflix not because of price, but because of politics.
The writer of the OAN article was also interviewed by Congressman Matt Gaetz on his show and accused Warner Bros. leadership of choosing Netflix for ideological reasons, despite Paramount’s higher offer. Gaetz even suggests this may be a breach of fiduciary duty, implying that WBD executives prioritized progressive alignment over shareholder value.
If true, it could trigger a wave of scrutiny and possibly litigation.
What Happens Now?
With Netflix’s offer under fire from both investors and the Trump-aligned political base, the tide may be turning.
Paramount Skydance’s strategy of staying quiet and letting Netflix implode — “Plan D” — may prove to be their smartest move yet.
As Trump signals a willingness to intervene, the Netflix-WBD merger could soon find itself in the DOJ or FTC’s crosshairs. And if that happens, all bets are off.
Paramount Skydance may still get the last laugh, with help from the former President.
