Trump opposing Netflix - Warner deal because his son-in-law is involved in rival bid by Paramount?

US President Donald Trump's response to Netflix's plans to acquire Warner Bros. Discovery's (WBD) film studios and streaming assets was, "it could be a problem." Now, multiple reports suggest a possible reason: his son-in-law Jared Kushner’s investment firm is involved in the larger, rival bid by Paramount Skydance to acquire the entire WBD company. Larry Ellison, the Oracle founder and a Trump ally, is also part of the Paramount hostile bid, which totals around a $108 billion all-cash offer made directly to WBD shareholders, bypassing its board.

What did Trump say about the Netflix-WBD acquisition?

Speaking at the Kennedy Center on December 7, two days after Netflix's proposed $72 billion deal for WBD assets, including HBO Max, was announced, Trump said the deal "could be a problem" due to Netflix's dominant market share. With over 300 million subscribers, which he said could "go up a lot" post-merger, the deal might violate antitrust laws that prevent any player from controlling 50 per cent or more of the market. Trump also said he would be "personally involved" in the regulatory review, which is unusual intervention for a president. The Justice Department will also scrutinise the Netflix deal, which, if approved, would close in the third quarter of 2026.

Already, Hollywood unions like the Writers Guild of America are against the Netflix-WBD deal, citing potential job losses, reduced content diversity, and higher subscription costs.

Trump may have a personal interest in WBD deal

Larry Ellison is the father of Paramount Skydance CEO David Ellison, a Trump ally. The Paramount bid also includes RedBird Capital and Middle Eastern sovereign funds from Saudi Arabia, Qatar, and Abu Dhabi. Unlike Netflix’s offer, Paramount’s bid targets WBD’s entire portfolio, including CNN and TNT. Remember how much Trump hates CNN?

The Trump son-in-law angle: How is Jared Kushner involved in Paramount bid for WBD?

One of the financiers backing Paramount’s proposal is Affinity Partners, Kushner’s private equity firm. Kushner, a former White House advisor, stands to benefit from the bid, raising significant conflict-of-interest concerns given Trump’s public opposition to the Netflix deal.

Trump has denied discussing the bid with Kushner, stating that neither Netflix nor Paramount are "friends of mine" and that he will do what is right.

But reportedly, Ellison called Trump after the Netflix announcement to warn that the deal would hurt competition. Trump has a history of intervening in media group decisions for concessions, including approving the Paramount-Skydance merger after CBS fired his critics.

WBD is now in a bind: Netflix or Paramount?

The company must review the Paramount offer and recommend a course to shareholders within 10 days, while facing a potential $2.8 billion breakup fee to Netflix if it switches suitors. With Trump and his family involved, the legacy media conglomerate faces a highly complicated and politically charged acquisition battle.