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'Antitrust Disaster': Son of Billionaire Trump Donor Poised to Take Over Warner Bros.
"A handful of Trump-aligned billionaires are trying to seize control of what you watch and charge you whatever price they want."
Feb 27, 2026
Netflix announced Thursday that it would not continue its effort to acquire Warner Bros. Discovery, paving the way for Paramount Skydance—a company controlled by the son of billionaire Trump donor Larry Ellison—to take over the media giant after a lengthy bidding war.
The news came after Netflix CEO Ted Sarandos visited the White House and met with members of President Donald Trump's staff, raising suspicions about the role the administration may have played in pushing the streaming giant to drop its bid for Warner Bros. and cede the fight to David Ellison's Paramount. Along with other major media properties, Warner Bros. owns CNN, a frequent target of Trump's ire.
"What did Trump officials tell the Netflix CEO today at the White House?" asked Sen. Elizabeth Warren (D-Mass.), calling the potential Paramount-Warner Bros. merger "an antitrust disaster threatening higher prices and fewer choices for American families."
"A handful of Trump-aligned billionaires are trying to seize control of what you watch and charge you whatever price they want," Warren added. "With the cloud of corruption looming over Trump’s Department of Justice, it’ll be up to the American people to speak up and state attorneys general to enforce the law."
In a statement that appears to have stunned Hollywood, Netflix announced Thursday that it would not raise its offer for Warner Bros. after that company's board deemed Paramount's latest offer of $111 billion "superior." Netflix said it determined the pursuit of Warner Bros. was "no longer financially attractive."
"Ellison will readily throw the First Amendment, CNN’s reporters, and HBO’s filmmakers under the bus if they stand in the way of expanding his corporate empire and fattening his pockets."
Ellison, for his part, said he was "pleased" that the Warner Bros. board "affirmed the superior value of our offer, which delivers to WBD shareholders superior value, certainty, and speed to closing."
The proposed Paramount-Warner Bros. merger still must receive regulatory approval in the US and Europe. Critics have voiced concerns about the legitimacy of a US Justice Department review given the recent ouster of antitrust chief Gail Slater.
State attorneys general could also intervene. Rob Bonta, the attorney general of California, emphasized in a statement that "Paramount/Warner Bros is not a done deal."
"These two Hollywood titans have not cleared regulatory scrutiny—the California Department of Justice has an open investigation, and we intend to be vigorous in our review," said Bonta.
On top of antitrust concerns, critics of the potential Paramount-Warner Bros. merger warned it would be a disaster for journalism and free expression. David Ellison acquired CBS News last year through the Paramount-Skydance merger approved by the Trump administration, and he is now poised to take over CNN, HBO, and other major platforms.
"Ellison has already shown his cards," said Seth Stern, chief of advocacy at the Freedom of the Press Foundation. "When the Trump administration unconstitutionally demanded editorial concessions from Ellison’s Skydance in exchange for government approval of its takeover of Paramount and CBS News, he obliged, even appointing a Trump loyalist as a so-called ‘bias ombudsman.’ CBS has since repeatedly censored journalists or altered its coverage to please Trump and his allies."
"There is no reason to believe that this proven capitulator will behave any differently this time around—in fact, he’s already reportedly promised Trump ‘sweeping changes’ at CNN, including firing people Trump dislikes," Stern said. "Ellison will readily throw the First Amendment, CNN’s reporters, and HBO’s filmmakers under the bus if they stand in the way of expanding his corporate empire and fattening his pockets."
"Lawmakers, state attorneys general, and anyone else in a position to intervene should make clear that they will not stand by as the Trump administration abuses its power to unconstitutionally extract content-based concessions from news companies," he added.
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Kushner Role in Paramount Scheme Shows US 'Devolving Into Caricature of Crony Capitalism'
"The Warner Bros. merger was already suspect, but now Trump’s family is getting in on the act," said one Democratic senator.
Dec 09, 2025
The revelation that Jared Kushner, US President Donald Trump's son-in-law, is playing a key role in Paramount Skydance's hostile bid for Warner Bros. Discovery underscores the extent to which the current administration's open corruption "is fundamentally distorting economic and governmental policymaking at the direct expense of the interests of the American people," a watchdog group said Tuesday.
Kushner's private equity firm, Affinity Partner, is listed in a regulatory filing as one of the organizations financing Paramount's $108 billion bid for Warner Bros., which owns CNN. Ethics experts say Kushner's involvement represents another glaring conflict of interest on top of preexisting concerns about the bid, stemming from Trump's relationship with Paramount CEO David Ellison and his billionaire father, GOP megadonor Larry Ellison.
"America is devolving into a caricature of crony capitalism," Robert Weissman, co-president of Public Citizen, said in a statement Tuesday. "Factions aiming to shrink media competition are fighting over who can show the greatest fealty to Donald Trump. Paramount seems to have won the prize, bringing in presidential son-in-law Jared Kushner—whose investment vehicle is flush with Saudi funds, deposited only because of his personal relationship with Donald Trump—as a partner."
"A working antitrust policy would block the merger of Warner Bros. Discovery with one of the existing media goliaths. It would never be influenced by personal connections to the president," Weissman added. "This case underscores that the corruption pervading the Trump administration isn’t just about making Trump and his family and hangers-on ever richer. That corruption is fundamentally distorting economic and governmental policy making, at the direct expense of the interests of the American people.”
Sen. Chris Van Hollen (D-Md.) said that "the Warner Bros. merger was already suspect, but now Trump’s family is getting in on the act."
"Paramount already had deep ties to the White House," he added, "now Trump's family will directly profit if they win."
Asked Monday about Kushner's financing role, Trump said he has "never spoken to him about it."
Paramount, which the Trump administration reportedly favored to take over Warner Bros., announced its bid for the company days after the streaming behemoth Netflix and Warner Bros. leadership reached an $83 billion acquisition deal. The president immediately criticized the Netflix agreement and pledged to intervene in the federal review process.
"The blurred line between running the government and the family's business interests is expanding each day," Scott Amey, general counsel with the Project On Government Oversight, told Reuters.
Antitrust experts and advocates have argued that both of the proposed mergers are likely illegal and should be blocked.
Matt Stoller, research director at the American Economic Liberties Project, said Monday that either merger "would further deepen the media consolidation crisis that is eroding our creative economy and freedom of expression."
"Paramount specifically would be well-positioned to manipulate the news to please the president, which David Ellison made clear it intends to do in an interview earlier today," said Stoller. "There is a reason that policymakers and workers in Hollywood have come out against each iteration of this deal. Rather than allowing further consolidation in the industry, policymakers must reregulate the market with prohibitions on vertical integration.”
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Critics Warn of ‘Catastrophic’ Threat If Netflix Acquires Warner Bros.
"The threat of this merger in any form is an alarming escalation in a consolidation crisis that threatens the entire entertainment industry, the public it serves, and—potentially—the First Amendment itself," warned actress Jane Fonda.
Dec 05, 2025
Netflix announced a deal Friday to acquire Warner Bros. Discovery’s film studio and streaming business for $83 billion, a merger that—if approved by the Trump administration—would create a media behemoth that critics say threatens industry competition, higher costs for consumers, the rights of entertainment workers, and democracy.
Netflix, the largest streaming company in the world, and Warner Bros. Discovery (WBD), owner of the third-largest streaming platform HBO Max, unveiled the proposed agreement after a closely watched bidding war that included Paramount Skydance, the company that the Trump administration reportedly favored to acquire WBD. Paramount is owned by David Ellison, the son of billionaire Republican megadonor Larry Ellison—a close ally of President Donald Trump.
David Ellison reportedly met with Trump administration officials on Thursday to "press his case" against Netflix's pending acquisition of WBD. An unnamed senior official told CNBC on Friday that the Trump administration is treating the Netflix-WBD deal with "heavy skepticism."
While some expressed relief that Paramount appears—at least for now—to have lost the bid for Warner Bros., antitrust advocates argued such a view overlooks the much broader and more serious threat of corporate consolidation.
"Does anyone think Netflix won’t do what Trump wants to get their deal through?" asked Matt Stoller, director of research at the American Economic Liberties Project. "The threat to democracy isn’t the Ellisons, it’s media consolidation."
The American Prospect's David Dayen expressed a similar sentiment, writing on social media: "Keeping WBD out of Paramount's hands is good. Putting it in Netflix's is still unlawful consolidation though. This is the #1 streamer merging with #3. State enforcers should speak up."
"If we don’t speak now, we may have no industry—and no democracy—left to defend."
In a newsletter post following news of the merger agreement, Stoller argued the Netflix-WBD deal is plainly illegal under the Clayton Antitrust Act and "a recipe for monopolization."
"The ideal scenario now is a trial that puts the secrets of Hollywood executives and financiers on display, and crushes the financiers who think mergers are the only move in business," Stoller wrote. "Then Hollywood can get back to the business of making good TV shows and movies."
Sen. Elizabeth Warren (D-Mass.) said that "this deal looks like an anti-monopoly nightmare."
"A Netflix-Warner Bros. would create one massive media giant with control of close to half of the streaming market," said Warren. "It could force you into higher prices, fewer choices over what and how you watch, and may put American workers at risk."
"Under Donald Trump, the antitrust review process has also become a cesspool of political favoritism and corruption," the senator continued. "The Justice Department must enforce our nation’s anti-monopoly laws fairly and transparently—not use the Warner Bros. deal review to invite influence-peddling and bribery."
Ahead of the announcement, major figures in the entertainment industry sounded alarm over the possibility of a Netflix takeover of WBD. In a letter to members of Congress on Thursday, a group of film producers warned that Neflix would "effectively hold a noose around the theatrical marketplace" if it acquired WBD.
The Writers’ Guild of America, which represents film and TV writers, has said it would oppose WBD merging with any "major studio or streamer," warning it "would be a disaster for writers, for consumers, and for competition."
"Merger after merger in the media industry has harmed workers, diminished competition and free speech, and wasted hundreds of billions of dollars better invested in organic growth," the union said in a recent statement.
Jane Fonda, the renowned actress and activist, wrote Thursday that "the threat of this merger in any form is an alarming escalation in a consolidation crisis that threatens the entire entertainment industry, the public it serves, and—potentially—the First Amendment itself."
"Consolidation at this scale would be catastrophic for an industry built on free expression, for the creative workers who power it, and for consumers who depend on a free, independent media ecosystem to understand the world," Fonda wrote. "It will mean fewer jobs, fewer opportunities to sell work, fewer creative risks, fewer news sources, and far less diversity in the stories Americans get to hear."
"If we don’t speak now, we may have no industry—and no democracy—left to defend," she added.
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