President Donald Trump held private discussions with Paramount Global chief executive David Ellison at the White House last week, conducting two wide-ranging conversations just days before publicly declaring his intention to stay neutral in the escalating corporate battle over Warner Bros. Discovery's assets. The meetings, which took place early last week, have drawn scrutiny due to their timing relative to Trump's subsequent statements about the matter.
When NBC's Tom Llamas questioned Trump on Wednesday about the conflict between Paramount and Netflix concerning Warner Bros. Discovery, the president replied, "I haven't been involved." This response marked a dramatic shift from his earlier position, where he had suggested he would take an active role and had even indicated support for Paramount's proposal.
The corporate dispute revolves around two competing strategies for Warner Bros. Discovery's future. The media conglomerate intends to split itself into two publicly traded companies later this year. Under this plan, CNN and other cable channels would become part of Discovery Global, while HBO and the Warner Bros. film studio would be sold to Netflix in a deal currently undergoing regulatory review.
Paramount is attempting to block this transaction by launching a hostile takeover bid for Warner Bros. Discovery in its entirety, including CNN. This move would prevent the Netflix sale and keep all assets under single ownership. The Justice Department is examining both proposals, with particular attention to whether the Netflix acquisition would create excessive market concentration.
Trump's declared neutrality represents a departure from his previous stance. The president had earlier said he would be involved in the matter and had signaled a preference for Paramount's approach. His reversal followed direct communication from both Ellison and Netflix co-CEO Ted Sarandos, leading Trump to comment, "I must say, I guess I'm considered to be a very strong president. I've been called by both sides."
In his NBC interview, Trump referenced arguments about market dominance. "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 remarked. "They're beating the hell out of each other — and there'll be a winner."
These comments mirror Paramount's primary argument against the Netflix deal. The company contends that allowing Netflix to acquire Warner Bros.' studio and HBO would create a monopolistic force in streaming and content production. Paramount's alternative proposal would preserve greater competition by preventing these assets from joining Netflix's already dominant platform.
The Wall Street Journal reported on Friday—two days after Trump's NBC appearance—that the Justice Department has issued subpoenas to investigate whether Netflix "has engaged in anticompetitive tactics." This development suggests regulators are taking monopoly concerns seriously. Netflix responded by stating it is "not aware of any investigation into our business outside of the standard merger review process," indicating the company views the matter as routine.
The Ellison family's connections to the Trump administration are extensive. Larry Ellison, Oracle's billionaire co-founder and David's father, has become one of Trump's most prominent allies in the technology sector. This relationship appears to benefit his son's business ambitions, as David Ellison has made repeated visits to the White House during Trump's second term.
Industry observers have noted these relationships. In December, the Journal reported that David Ellison had "offered assurances to Trump administration officials that if he bought Warner, he'd make sweeping changes to CNN." The news organization, which Trump has frequently criticized, would reportedly undergo significant restructuring under Paramount's ownership.
Shortly after that report surfaced, Trump publicly declared, "It's imperative that CNN be sold" and called the network's current leadership a "disgrace." These comments led to speculation that the administration might favor Paramount's bid as leverage to force changes at CNN. The Netflix-Warner agreement, by contrast, would leave CNN's ownership unchanged, as the network would remain with Discovery Global.
The confidential nature of last week's White House discussions has raised questions. A Paramount spokesperson declined to comment on the meetings, while the White House press office did not respond to requests for information. This lack of transparency has fueled concerns about whether proper protocols are being followed regarding communications between the administration and parties involved in pending regulatory reviews.
The situation presents a complicated intersection of relationships, commercial interests, and regulatory responsibilities. While Trump appears to be withdrawing from direct participation, allowing the Justice Department to manage the review process, his meetings with key figures in the dispute suggest ongoing engagement that could influence outcomes.
For Paramount, the stakes are enormous. A successful acquisition would transform the company into a media titan, granting control of valuable intellectual property, production infrastructure, and distribution networks. CNN would provide a major news division, though potentially operating under different editorial guidance given Ellison's reported commitments.
Netflix views the Warner Bros. studio and HBO purchase as essential to its content strategy. As streaming competition intensifies, owning a legendary Hollywood studio and premium cable channel would guarantee a pipeline of high-quality programming and valuable franchises.
The Justice Department's role has become increasingly pivotal. Beyond the customary merger review, the antitrust investigation into Netflix's business practices introduces additional complexity. Should regulators discover evidence of anticompetitive conduct, it could scuttle the Netflix-Warner deal irrespective of Trump's stance.
The investigation appears to examine whether Netflix has leveraged its market power to stifle competition, though specifics remain limited. The company's statement implies it views the inquiry as part of normal regulatory oversight, but the timing—coinciding with Paramount's intensified bid—has attracted attention.
Analysts are monitoring developments closely. The resolution will not only decide Warner Bros. Discovery's fate but could also establish precedents for how the Trump administration approaches major media consolidation. The president's public withdrawal may represent an effort to evade allegations of political meddling, especially considering his history of CNN criticism.
Nevertheless, the private sessions with Ellison undermine that narrative. They indicate that while Trump may avoid public statements, he remains accessible to key participants in the conflict. This access could offer Paramount crucial intelligence about administration thinking, even without explicit commitments.
The wider consequences reach beyond these corporations. The media sector has experienced swift consolidation, with streaming services increasingly seeking to own the content they distribute. Regulators must strike a balance between enabling companies to compete with technology giants and blocking monopolies that might damage consumers and rivals.
For CNN staff and audiences, the uncertainty is especially pronounced. Under the Netflix-Warner framework, the network would persist in its current configuration as part of Discovery Global. Under Paramount's ownership, substantial changes would probably happen, potentially modifying the network's editorial direction and strategic priorities.
The forthcoming weeks will prove decisive as the Justice Department continues its evaluation and both corporations present arguments to regulators and investors. Paramount's hostile takeover effort pressures Warner Bros. Discovery's board to weigh alternatives to the Netflix transaction, even as that deal advances.
Trump's involvement, while now officially minimal, continues to represent an unpredictable factor. His administration's final determination on the mergers will face intense examination for political influence indicators, particularly given his vocal CNN criticism and relationship with the Ellison family.
As the president noted, both camps are "beating the hell out of each other," and a victor will ultimately surface. But the route to that outcome involves regulatory obstacles, political calculations, and intricate corporate strategy that could transform American media for the foreseeable future.