On Wednesday, Sen. Elizabeth Warren (D-Mass.) raised alarms that the Justice Department's review of competing bids for Warner Bros. Discovery (NASDAQ:WBD) could be compromised by political favoritism as Netflix Inc. (NASDAQ:NFLX) and Paramount Skydance (NASDAQ:PSKY) battle for control of the media giant.
Warren Questions DOJ's Role In Warner Bros. Bidding War
Warren said that the Donald Trump administration's handling of major media mergers risks undermining long-standing U.S. antitrust laws, warning that the review of Warner Bros. Discovery could devolve into an "influence-peddling" exercise.
In a video posted on X, Warren said the Justice Department, led by Attorney General Pam Bondi, will decide the fate of the deal
"We have laws on the books that should block either one of these bids," she said, arguing that mergers involving Warner Bros. are "pretty much the reason that antitrust laws exist."
See Also: Warner Bros To Advise Shareholders Reject Paramount, Accept Netflix Offer: Report
Antitrust Laws ‘Still Apply,' Warren Says
Warren said U.S. policy has opposed monopolies since the 1800s, regardless of the industry.
"If you're talking about the aluminum business in the 1950s or you're talking about the movie business in the year 2025, the same laws still apply," she said, warning that consolidation would harm consumers and workers.
She also criticized Trump for saying he would be "involved" in the merger review. "That's not normal," Warren said. "This is a law enforcement matter that should be evaluated based on the facts and the law and nothing more."
Trump Ties And Foreign Money Draw Scrutiny
Warren pointed to political connections surrounding Paramount Skydance's hostile bid for Warner Bros., including backing from Trump allies and Middle Eastern sovereign wealth funds.
She questioned whether foreign funds should have influence over major U.S. media outlets such as CNN or Hollywood studios.
Warner Bros. Backs Netflix Deal Over Paramount Bid
Earlier this month, Paramount Skydance made a hostile $108 billion takeover offer for Warner Bros. Discovery, supported by financing from Affinity Partners and Middle Eastern sovereign wealth funds.
The company was seeking to block Netflix's $82.7 billion merger agreement with the company.
On Wednesday, Warner Bros. Discovery urged shareholders to reject Paramount's offer, saying it is inferior and does not qualify as a "Superior Proposal" under its signed merger agreement with Netflix.
Meanwhile, Kushner's private equity firm, Affinity Partners, has reportedly exited the Paramount-backed bid.
Benzinga Edge Stock Rankings indicate that Warner Bros. Discovery shows solid price momentum across the short, medium and long-term time frames, with additional performance details available here.
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