U.S. President Donald Trump has signaled that he will personally weigh in on the regulatory review of Netflix’s proposed $72 billion acquisition of Warner Bros. Discovery’s studios and streaming assets, raising antitrust concerns over market concentration in the entertainment industry.

Speaking to reporters on the red carpet at the Kennedy Center Honors, Trump said: “I’ll be involved in that decision,” adding that the combined entity’s market share “could be a problem” and would require input from economists. While stopping short of endorsing or opposing the deal, his remarks underscore the administration’s heightened scrutiny of media consolidation.

The deal, announced on Friday, would merge Netflix’s 300 million global subscribers with Warner Bros. Discovery’s 128 million, creating a streaming powerhouse with more than 428 million users worldwide. Netflix would absorb Warner’s film and TV studios, HBO Max, and franchises such as DC Comics and The Lord of the Rings, while Warner Bros. Discovery—burdened with $40 billion in debt—retains its news and sports divisions.

Supporters argue the merger would streamline operations, reduce content costs, and potentially lower subscription prices. Netflix co-CEO Ted Sarandos, who met Trump in the Oval Office last month, has pitched the deal as complementary, noting that over 75% of HBO Max users already subscribe to Netflix.

Critics, however, warn of an “antitrust nightmare.” The Writers Guild of America (WGA) and several Republican lawmakers have urged regulators to block the deal, citing risks to independent producers, creative diversity, and consumer choice. Rival bidder Skydance Media, backed by billionaire Larry Ellison, has lobbied Trump officials against Netflix’s bid, positioning itself as a preferred alternative.

Trump’s involvement recalls his first term, when he vocally opposed AT&T’s $85 billion takeover of Time Warner, pressuring the Justice Department to sue. Although that merger ultimately proceeded after a court ruling, the episode highlighted Trump’s willingness to intervene in high-profile media deals.

Prediction markets have already reacted: Polymarket now places the odds of the Netflix-Warner deal closing by end-2026 at just 23%, down from 60% before Trump’s remarks.

The merger faces antitrust scrutiny from the Department of Justice (DOJ) and Federal Trade Commission (FTC), focusing on horizontal competition among streaming rivals and vertical integration of production and distribution. No FCC approval is required, as neither company owns broadcast or cable assets. Netflix and Warner Bros. Discovery expect the review to take 12–18 months, pending shareholder approval and regulatory clearance.

As the process unfolds, Trump’s hands-on approach highlights his administration’s media priorities: curbing perceived “woke” influences while shaping the economics of Hollywood. With unions, lawmakers, and rival studios weighing in, the Netflix-Warner deal could become the defining test of U.S. media regulation in the streaming era.