The proposed $72 billion merger between Netflix and Warner Bros. Discovery is already one of the most consequential media deals in years, but President Donald Trump’s unusually direct involvement, along with the financial role of his son-in-law Jared Kushner in a competing bid, has added an unprecedented layer of political and ethical scrutiny.
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Netflix recently announced a $72 billion deal to buy Warner Bros. Discovery’s studio, HBO, and HBO Max. Paramount then launched a hostile counter-bid to outbid Netflix. Paramount’s bid is backed financially by Jared Kushner’s investment firm, Affinity Partners. This same investment firm is funded by Saudi Arabia, Qatar, and Abu Dhabi sovereign wealth funds, per Reuters reported.
On Nov. 5, Netflix announcedit plans to acquire Warner Bros. Discovery’s film studio, HBO, and the streaming service HBO Max, a deal that rises above $82 billion once debt is included. If approved, Netflix would gain access to Warner’s vast film and television archive, significantly expanding its dominance as the world’s largest streaming platform with more than 300 million subscribers.
Although the merger excludes cable channels such as CNN and TNT, the acquisition would consolidate enormous market share. Trump, speaking on Dec. 7 on the Kennedy Center Honors red carpet, warned that the combined company “could be a problem” and emphasized that he intends to be personally involved in the approval process. However, U.S. presidents typically avoid interfering in antitrust reviews, which are handled by the Department of Justice.
Interestingly, Trump’s remarks came just weeks after Netflix CEO Ted Sarandos visited the White House.
But the ethical questions surrounding the deal expanded sharply when Paramount launched a hostile counter-offer for Warner Bros. Discovery, backed in part by financing from Kushner’s investment firm Affinity Partners. The bid, valued at $108 billion, also includes support from multiple Middle Eastern sovereign wealth funds.
Ethics experts say the overlap between Kushner’s private investments and the president’s public authority is deeply problematic. Analysts warn that any decision Trump makes on antitrust approval now risks appearing influenced by family business interests. Advocacy groups have called for Trump to recuse himself entirely, noting that the president continues to benefit from family-controlled assets held in trust during his time in office, Reuters reported.
