Donald Trump vows not to get involved in Warner Bros takeover from Netflix or Paramount
President Donald Trump has vowed not to involve himself in the current battle for Warner Bros between Netflix and Paramount, despite previously suggesting otherwise.
Netflix has all but gained control of Warner Bros’ film and television studios, as well as the HBO Max streaming service, in a deal confirmed in December. Paramount is attempting to counteroffer with a hostile takeover bid, though Warner Bros seems content with Netflix’s offer.
When the deal was announced in December, Trump gave his two cents on the matter while hosting the Kennedy Centre Honours: “There’s no question about it. It could be a problem,” he declared, before adding that the deal would have to “go through a process and we’ll see what happens.”
However, Trump was quick to note that Netflix is “a great company” and its CEO, Ted Sarandos, is a “fantastic man”.
Now, in a new interview with NBC News, the president has changed his tune. “I haven’t been involved,” he stressed.
He added, “I must say, I guess I’m considered to be a very strong president. 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.”
Turning his attention to the competition between Paramount and Netflix, he added, “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. They’re beating the hell out of each other – and there’ll be a winner.”
Notably, the father of Paramount’s CEO, David Ellison, is Larry Ellison. The billionaire Oracle co-founder has a very close relationship with the president.
In the latest update on the merger, as per the BBC, members of the US Senate antitrust subcommittee raised concerns about reduced competition, potential price rises, and the future of cinemas if the merger goes ahead.
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