Trump says he'll stay out of the corporate fight over Warner Bros.

Hadriana Lowenkron, Bloomberg News on Feb 4, 2026

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President Donald Trump said he intended to stay out of the clash between Netflix Inc. and Paramount Skydance Corp. over Warner Bros. Discovery Inc., saying he would leave the matter to the U.S. Justice Department.

“I haven’t been involved,” Trump told NBC News in an interview. “I’ve been called by both sides. It’s the two sides, but I’ve decided I shouldn’t be involved. The Justice Department will handle it.”

The battle between Netflix and Paramount over Warner Bros, an iconic Hollywood studio, has grown increasingly acrimonious and drawn scrutiny from Washington, regardless of which bidder succeeds, setting up a major antitrust test for the Trump administration.

The president’s comments Wednesday mark a shift from past remarks in which he has said that he would be personally involved in reviewing any merger involving Warner Bros.

Trump previously signaled that he would oppose any deal for Warner Bros. that did not include new leadership at CNN, the cable news network that he has long criticized over its coverage of him and his administration, a potential problem for Netflix’s bid. But the president has also expressed unhappiness with Paramount Skydance’s owners, who also control CBS News, over its coverage.

Warner Bros. has rejected multiple offers from Paramount, opting instead for a $82.7 billion merger with Netflix.

Executives from Netflix and Warner Bros. testified before Congress earlier this week on their plans, defending their plans before senators skeptical about the merger’s impact on streaming consumers and Hollywood workers. Trump allies have also raised concerns about Netflix being allowed to proceed, criticizing a streaming giant they accuse of promoting “woke” content.

“There’s a theory that one of the companies is too big and it shouldn’t be allowed to do it, and the other company is saying something else,” Trump told NBC News when asked about the competing bids. “They’re beating the hell out of each other — and there’ll be a winner,” he added.

Trump’s own ties have drawn scrutiny and worries that the president would seek to put his finger on the scale. Paramount is run by David Ellison, whose father — Oracle Corp. Chairman Larry Ellison — is a Trump supporter and the president’s own son-in-law, Jared Kushner, was involved earlier in helping set up financing for their offer before his private equity firm withdrew from the takeover fight.

Paramount has filed a lawsuit against Warner Bros. Discovery over details of the merger.