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by Alimat Aliyeva

Netflix’s effort to acquire Warner Bros. Discovery (WBD) is facing unexpectedly strong resistance and growing political scrutiny, as a hostile bid from Paramount Skydance and the involvement of former U.S. President Donald Trump place the merger at the center of a high-profile national debate, Azernews reports, citing foreign media.

Paramount Skydance, led by David Ellison, announced on Monday that it would offer $30 per share for WBD, criticizing Netflix’s $27.75-per-share deal unveiled on December 5 as offering “inferior and uncertain value.” Paramount Skydance claims its bid would provide shareholders an additional $18 billion over Netflix’s proposal and offer a smoother regulatory path. The company also stated that its acquisition would strengthen Hollywood’s production ecosystem, reinforce theatrical releases, and boost competition across the entertainment industry.

Based on Paramount Skydance’s offer, the total value of the all-cash deal would reach $108.4 billion, compared with Netflix’s $82.7 billion cash-and-stock package. Unlike Netflix’s plan—which involves WBD’s film studio and streaming service while spinning off Discovery Global, the company’s Global Networks division, into a new publicly traded company—Paramount Skydance’s bid covers the entirety of WBD.

Paramount said it had submitted six acquisition proposals to WBD over the past 12 weeks but received no meaningful response, prompting it to bring the offer directly to shareholders. According to a Forbes report, the hostile bid is backed by the Ellison family, RedBird Capital, sovereign wealth funds from Saudi Arabia, Qatar, and Abu Dhabi, and Jared Kushner, former President Trump’s son-in-law. Regulatory filings indicate that Kushner’s Affinity Partners has committed an unspecified amount of equity financing to the deal.

Following the announcement of the Netflix-WBD merger plan, U.S. entertainment analysts warned that antitrust concerns and political factors could delay final approval for years and potentially disrupt the broader industry. Hollywood unions have already voiced concerns over potential job losses and higher consumer prices in an industry still recovering from strikes and the COVID-19 downturn, a sentiment echoed by lawmakers from both parties.

Paramount Skydance’s aggressive approach, combined with Trump’s direct involvement, has turned what might have been a routine regulatory review into a high-stakes political and corporate showdown. Critics, including Senator Elizabeth Warren, have described a Paramount Skydance-WBD merger as a potential antitrust “five-alarm fire,” raising alarms over political favoritism and foreign influence.

Michael Tiberi, executive producer of Swallowtail & Dragonfly, told Xinhua, “If the president doesn’t voluntarily recuse himself from a deal his own family is involved in, this could be a very long and bloody legal battle.”

Trump, meanwhile, expressed uncertainty about the Netflix deal on Sunday, warning that the combined market share of Netflix and HBO “could be a problem,” and said he planned to “be involved” in the regulatory process—an unusual declaration signaling a potentially protracted and politically charged review. At the same time, he praised Netflix co-CEO Ted Sarandos and avoided directly criticizing the company’s merger plan.

The situation intensified Monday morning when Paramount launched its bid directly to WBD shareholders. Minutes later, Trump criticized Paramount Skydance and Ellison for allowing 60 Minutes to interview Trump’s former ally Marjorie Taylor Greene. Observers say it remains difficult to predict how Trump will navigate the emerging clash between Ellison and Sarandos, who also has cultivated ties with the former president, including a dinner at Mar-a-Lago and a subsequent Oval Office meeting last month. Trump later confirmed the meeting and praised Sarandos as a visionary leader, while reiterating antitrust concerns about Netflix’s growing market position.

Netflix, the global streaming leader, reported 301.63 million subscribers in its most recent filing. WBD’s HBO Max ranks fourth with 128 million subscribers. Netflix argues that competition from YouTube, TikTok, and other global platforms prevents market dominance, and said its $5.8 billion breakup fee—which it would pay to WBD if the acquisition fails regulatory approval—demonstrates confidence in the deal’s approval.

The current showdown recalls 2016, when Trump opposed the AT&T-Time Warner merger, arguing that HBO and its parent company wielded excessive influence—a dispute that foreshadowed his readiness to weigh in on major media deals and link regulatory decisions with personal grievances. Influential MAGA figures, including Steve Bannon and Matt Gaetz, quickly echoed Trump’s concerns and urged him to block the Netflix-WBD merger.

WBD’s board said it would review Paramount’s offer but reaffirmed its endorsement of Netflix’s bid, advising shareholders to “take no action.” Netflix expects the merger with WBD to take 12 to 18 months, depending on regulatory and shareholder approvals.

Market reactions on Monday reflected the ongoing turmoil: Paramount shares rose 9.02%, WBD climbed 4.41%, and Netflix slipped 3.44%, highlighting investor uncertainty amid what may become one of the most closely watched media mergers in recent history.