A race to acquire Warner Bros. Discovery (NASDAQ:WBD) by Netflix Inc (NASDAQ:NFLX) and Paramount Skydance (NASDAQ:PSKY) intensified with an all-cash offer from the latter for the media company on Monday.
President Donald Trump has signaled he wants to be involved in the merger process and an event from the weekend could now spell trouble for one of the companies bidding on Warner Bros. Discovery.
• What’s ahead for PSKY stock?
Paramount Skydance Sweetens the Deal
Paramount Skydance announced a new $108 billion cash deal to acquire all of Warner Bros. Discovery. The new bid comes in higher than a prior offer from Netflix. The prior Netflix deal included cash and stock and also didn't include the acquisition of Warner's linear cable networks.
Paramount's new bid includes investment backing from Saudi Arabia's Public Investment Fund, the Qatar Investment Authority and Jared Kushner's Affinity Partners. Kushner is Trump's son-in-law.
Benzinga reached out to the White House for comments on Trump's plan to be involved in the deal process and if Kushner's investment was a conflict of interest.
Speaking to reporters Monday, Trump indicated that he doesn't "know enough about" the deal process and needs to see the percentage of market share that Netflix has.
"I want to do what is right," Trump said.
Trump said that "none of them are particularly great friends of mine," but it was unclear if he meant Netflix and Paramount Skydance executives or just Netflix executives.
Asked about potentially favoring Paramount due to Kushner's involvement, Trump said he hasn't spoken to his son-in-law about the deal.
Asked about Netflix's bid Sunday at the Kennedy Center Honors, Trump told Deadline that the combined "very big market share" for Netflix and Warner Bros. Discovery could be a problem.
"I'll be involved in that decision," Trump said.
Trump praised Netflix CEO Ted Sarandos for doing a "legendary job" at the streaming company and added that the executive was at the Oval Office last week, but didn't discuss the merger with the president.
Could Trump's Favor for Paramount Change?
The Trump administration has previously tipped its hand to favor Paramount Skydance in the bidding process. Paramount Skydance is backed by Trump allies David Ellison and Larry Ellison.
“Who owns Warner Bros. Discovery is very important to the administration a senior Trump administration official previously told the New York Post. "The Warner board needs to think very seriously not just on the price competition but which player in the suitor pool has been successful getting a deal done."
Most investors can read between the lines and realize that this would likely mean Paramount Skydance. After all, the Trump administration approved its recent merger. Also, the senior official explicitly spells it out: "And that points to the Ellisons."
The administration official previously said Warner Bros. should "think really hard about the odds of success" getting its deal approved by anyone except Paramount Skydance.
Speaking about Paramount's new bid on Monday, David Ellison said the media company has a "friendly" relationship with the Trump administration, something that could help clear future regulatory hurdles.
While Warner Bros. Discovery shareholders may see the Paramount deal as more favorable overall and for regulatory hurdles with Trump's blessing, there could be a new item in the way.
A "60 Minutes" interview with Rep. Marjorie Taylor Greene (R-Ga.) that aired Sunday angered Trump and led to a post on social media demanding an apology.
The post criticized Greene, while also calling out "60 Minutes" journalist Lesley Stahl.
"Lesley Stahl, who still owes me an apology from when she attacked me on the show (with serious conviction!), that Hunter Biden's LAPTOP FROM HELL was produced by Russia, not Hunter himself (TOTALLY PROVEN WRONG!), interviewed a very poorly prepared Traitor, who in her confusion made many really stupid statements," Trump said of Stahl's interview of Greene.
Trump questioned how the new ownership of "60 Minutes" would allow "a show like this to air."
"They are no better than the old ownership, who just paid me millions of dollars for fake reporting about your favorite president."
Trump said "60 Minutes" may have gotten worse under the new ownership.
"I hereby demand a complete and total apology, though far too late to be meaningful, from Lesley Stahl and 60 Minutes for her incorrect and Libelous statements about Hunter's laptop."
The merger between Paramount and Skydance was previously delayed and took over a year to close. One of the hurdles was a lawsuit between Paramount and Trump for a "60 Minutes" episode featuring presidential candidate Kamala Harris.
Paramount settled with Trump for $16 million on July 2, 2025. The Trump-led FCC signed off on the approval of the Paramount Skydance later that month, potentially after the settlement was reached.
Ellison and Paramount, who were seen as the frontrunners for Warner Bros. Discovery for months, now face the task of fending off Netflix and also potentially winning Trump back with a new apology from "60 Minutes."
Paramount, Netflix, Warner Stock Movement Monday
Warner Bros. Discovery stock gained 4.41% to $27.23.
Paramount Skydance stock gained 9.01% to $14.57.
Netflix stock fell 3.44% to $96.79.
Read Next:
Photo: Shutterstock
