Paramount Sweetens Bid for Warner Bros. Discovery Amid Political Tensions

Trump threatens Netflix over Susan Rice's board role as Paramount leverages ties to former administration

Published on Feb. 24, 2026

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Paramount has submitted a revised $108 billion offer to acquire Warner Bros. Discovery, including CNN, HBO, and the Hollywood studios. The high-stakes deal is playing out against a backdrop of political tensions, with former President Trump threatening Netflix to fire Susan Rice from its board, and Paramount employing former Trump administration officials to help navigate the regulatory approval process. The Justice Department is scrutinizing both the Paramount and Netflix bids, raising questions about the influence of politics on antitrust decisions.

Why it matters

The battle for Warner Bros. Discovery highlights the growing role of politics in major media mergers and acquisitions. Paramount is leveraging its ties to the Trump administration to undermine Netflix's rival bid, while Netflix faces pressure from Republican lawmakers over its content and leadership. The outcome could have significant implications for the future of the entertainment industry and the balance of power in Washington.

The details

Paramount's latest offer enhanced its earlier $30-per-share bid, valued at $108 billion, as the company seeks to dismantle Netflix's $82.7 billion deal for Warner. Paramount has brought on former Trump administration officials, including Makan Delrahim, who oversaw the Justice Department's antitrust division, to help navigate the regulatory approval process. Meanwhile, Trump has threatened Netflix to fire Susan Rice, a former Obama and Biden administration official who serves on Netflix's board, or 'pay the consequences.' The Justice Department is scrutinizing both deals, looking at issues like Netflix's business strategy and potential leverage over content creators.

  • Paramount submitted its revised $108 billion offer on Monday, February 24, 2026.
  • Trump's threat to Netflix came on Saturday, February 22, 2026.
  • Netflix won the bidding for Warner Bros. Discovery in December 2025.
  • Paramount hired Makan Delrahim, the former head of the Justice Department's antitrust division, in October 2025.
  • The Warner Bros. Discovery shareholder vote is scheduled for March 20, 2026.

The players

Paramount

An American media conglomerate that is now seeking to acquire Warner Bros. Discovery, including CNN, HBO, and the Hollywood studios.

Warner Bros. Discovery

A media and entertainment company that owns CNN, HBO, and major Hollywood film and television studios.

Netflix

An American media-services provider and production company that is also bidding to acquire Warner Bros. Discovery.

Donald Trump

The former President of the United States, who has threatened Netflix over the presence of Susan Rice on its board.

Susan Rice

A former Obama and Biden administration official who serves on Netflix's board of directors.

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What they’re saying

“This is a business deal, it's not a political deal.”

— Ted Sarandos, Co-CEO, Netflix (BBC)

“This deal was never going to be decided on the merits of the offer or rigid antitrust considerations. This was a classic Trump administration deal where proximity to the president counts a lot more than financial terms.”

— Gabriel Kahn, Professor, USC Annenberg School for Communication and Journalism (Los Angeles Times)

“It is not going to end well for corporations, media outlets and law firms that 'bent the knee' to Trump should Democrats regain control in Washington.”

— Susan Rice (Podcast interview)

What’s next

The Justice Department is expected to make a decision on whether to approve the Paramount or Netflix deal in the coming weeks. The Warner Bros. Discovery shareholder vote is scheduled for March 20, 2026.

The takeaway

The battle for Warner Bros. Discovery highlights the growing influence of politics in major media mergers and acquisitions. Paramount's ties to the Trump administration and Netflix's political controversies are shaping the regulatory landscape, raising concerns about the role of political considerations in antitrust decisions that could have far-reaching consequences for the entertainment industry.