Trump says he'll stay out of the Netflix-Paramount fight over Warner Bros.

President Donald Trump said he plans to stay out of Netflix and Paramount Skydance’s battle over Warner Bros. Discovery, a shift from comments he made late last year that suggested he could personally weigh in on a deal set to reshape the media landscape.

“I haven’t been involved,” Trump told “NBC Nightly News” anchor Tom Llamas in an exclusive interview Wednesday. “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.”

Pressed about the competing arguments around the deal, Trump acknowledged the sharp divide between the bidders.

“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,” he said. “They’re beating the hell out of each other — and there’ll be a winner.”

Tune in for more of Tom Llamas’ interview with President Donald Trump on Super Bowl Sunday on NBC.

In December, Netflix announced a $72 billion deal to acquire Warner Bros. Discovery’s film studio, along with HBO and the HBO Max streaming service. Paramount Skydance pursued a competing bid for the broader company, including its cable networks.

Paramount Skydance is led by David Ellison, the son of Larry Ellison, the billionaire co-founder of Oracle and a prominent supporter of Trump. The Ellisons are the controlling shareholders of Paramount. Trump has maintained a close relationship with the elder Ellison, a dynamic that has drawn attention as the bidding war over Warner Bros. Discovery has intensified.

After Warner Bros. Discovery rejected Paramount’s offers in favor of Netflix’s proposal, the Ellison-run company escalated its effort into a hostile takeover attempt, prompting Netflix to amend its bid to an all-cash offer widely seen as a move to fend off rival interest.

In December, Trump publicly questioned whether a transaction between Netflix and Warner Bros. Discovery would be approved, citing concerns about market concentration.

“They have a very big market share,” Trump said in December. “When they have Warner Bros., that share goes up a lot.” He added that he would consult economists and said, “I’ll be involved in that decision.”

Trump’s decision to step back could be seen as favorable to Netflix, which already has a deal in place. It also comes against the backdrop of his past public criticism of major media companies, including repeated attacks on Warner-owned CNN and calls for the network to change ownership — even though CNN is not included in Netflix’s proposed acquisition.

Warner Bros. Discovery shareholders could vote on Netflix’s proposed acquisition as early as March, according to CNBC, though any deal would still require approval from the Justice Department’s Antitrust Division and regulators abroad, including the European Commission.

Historically, presidents have rarely intervened directly in antitrust approvals, though Trump has shown a greater willingness than most to comment publicly on major corporate deals, including the proposed Netflix–Warner Bros. Discovery transaction and Nippon Steel’s acquisition of U.S. Steel.

Trump’s financial interest in two of the companies has also come into focus.

Trump disclosed in January that he purchased up to $2 million worth of Netflix and Warner Bros. Discovery bonds in the days after Netflix’s deal announcement, according to a financial disclosure form released by the White House. The filing showed multiple purchases of Netflix- and Warner-related bonds in mid-December; the exact amounts were reported in ranges rather than precise figures.

The White House has previously maintained that there are no conflicts of interest between Trump’s role as president and his personal investments and businesses. Trump has not commented publicly on the bond purchases in relation to the merger.

Separately, Netflix’s proposed acquisition faced mounting scrutiny on Capitol Hill this week. On Tuesday, Netflix co-CEO Ted Sarandos testified before the Senate Judiciary subcommittee on Antitrust, Competition Policy and Consumer Rights, arguing the deal would expand competition rather than reduce it.

Sarandos said the transaction was “not a typical media merger” and rejected claims that it would limit consumer choice or lead to widespread job losses.

Lawmakers from both parties pressed Sarandos, though for different reasons. Democrats raised concerns about consolidation and labor impacts, while several Republican senators criticized Netflix over what they described as politically biased or “overwhelmingly woke” content.

Sarandos told lawmakers that Netflix has “no political agenda” and that it offers programming “for all, left, right and center.”