Overview
- Speaking at the Kennedy Center Honors, President Trump said Netflix’s combined market share with Warner Bros. “could be a problem” and confirmed he met Netflix co‑CEO Ted Sarandos at the White House last week.
- Netflix agreed to buy Warner Bros. Discovery’s studios and HBO/HBO Max for about $72 billion in equity value, or roughly $82.7 billion including debt, with closing conditioned on a spin‑off of WBD’s cable networks.
- The companies expect a lengthy antitrust process, with U.S. Justice Department review and likely scrutiny from other regulators, as analysts cite market share thresholds that could challenge approval.
- Netflix assembled up to $59 billion in bridge financing and included a $5.8 billion breakup fee, providing deal certainty after winning a late‑stage auction over Comcast and Paramount Skydance.
- Theaters and guilds voiced opposition, with Cinema United warning of risks to exhibition and writers’ and directors’ groups urging regulators to block the deal over competition and labor concerns.