Antitrust Scrutiny Deepens Over Netflix’s YouTube Defense in Warner Takeover Fight

Overview

• Netflix has a public agreement to acquire Warner Bros. Discovery’s film and TV studios and HBO/HBO Max for $27.75 per share, with the company saying review and closing could take up to about 18 months.
• Paramount Skydance launched a hostile counteroffer at $30 per share that seeks the whole company, explicitly including cable networks such as CNN and TNT Sports.
• Warner plans to spin off its cable assets, including CNN, Discovery and Eurosport, by the third quarter of next year, with CFO Gunnar Wiedenfels expected to lead the new entity.
• Antitrust experts say U.S. enforcers are unlikely to view YouTube as an interchangeable competitor to Netflix, challenging Netflix’s core justification and pointing to rigorous reviews in the U.S. and Europe.
• President Trump said any transaction should include CNN or require its separate sale and indicated he may involve the White House in the review, while creators and unions warn consolidation could weaken theatrical windows and creative diversity.