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us President donald trump expressed concern about NetflixProposed £54bn acquisition of warner brothers Discovery suggesting mega-deal”could be a problem” due to potential market dominance.
Mr. Trump also confirmed his direct involvement in the federal government’s decision to approve the acquisition, which was announced just days earlier.
streaming giant Netflix revealed its agreement to buy Warner Bros. Discovery last Friday Extensive film and TV studio business.
The move is set to dramatically reshape the established Hollywood industry, which has already experienced significant disruption from the rapid expansion of streaming services.
The acquisition, which saw Netflix emerge as the front runner in the auction against competitors such as Paramount Skydance and Sky Owner Comcast includes major assets such as hboIts streaming platform hbo maxAnd prestigious franchises like harry potter And Batman.
Speaking at the Kennedy Center Honors on Sunday, Mr Trump reiterated his objections. “There’s no question about it. It could be a problem,” he said. He said the deal “will have to go through a process and we’ll see what happens.”
He praised Netflix as a “great company” and its chief executive. Ted SarandosNoting their meeting, as “a brilliant man” Oval Office last week before the deal’s Dec. 5 announcement. “I have a lot of respect for them, but it’s a lot of market share, so we’ll have to see what happens.”
When pressed on whether Netflix should be allowed to acquire the Hollywood powerhouse, Mr. Trump responded: “That’s exactly the question. They have a huge market share and when they have Warner Bros., you know, that share increases a lot, so, I don’t know. I would be involved in that decision, too. But they have a huge market share.”
The proposed merger would unite the world’s two largest streaming services, combining Warner’s television and motion picture divisions, including DC Studios, with Netflix’s vast content library and production capabilities.
Mr Trump clarified that Mr Sarandos made no guarantees regarding approval of the merger during their meeting, describing the Netflix boss as a “great guy” who has “done one of the greatest things in the history of movies and other things.”
However, the deal has already faced strong opposition from US unions. The Writers Guild of America West (WGAW) and the Writers Guild of America East (WGAE) issued a joint statement last Friday urging regulators to block the merger. They argued that this would lead to job losses, lower wages, and worsen working conditions for entertainment professionals.
Netflix has committed to paying investors $27.75 (£20.79) per share in its Warner Bros. Discovery business. Should it be approved, the acquisition is expected to be finalized after Warner Bros. Discovery completes the planned spin-off of its cable channels, which includes cnntbs, and tnt game In Britain.