The chairman of the Federal Communications Commission has expressed concerns about Netflix's proposed $83 billion acquisition of Warner Bros., citing potential issues in the streaming market. However, the FCC lacks authority to review the deal. Regulators including the Justice Department and FTC are examining it for antitrust implications.
Brendan Carr, the Trump-appointed chairman of the FCC, stated that Netflix's proposed $83 billion deal to acquire Warner Bros.' studios and HBO Max businesses raises "competition concerns." He made these remarks in a Bloomberg interview published on January 23, 2026, praising Netflix's organic growth but highlighting the scale and consolidation in streaming.
The FCC has no jurisdiction over the transaction, as it does not involve broadcast licenses—Warner Bros. Discovery owns no broadcast TV properties. Instead, the Justice Department and Federal Trade Commission are reviewing the agreement for potential antitrust issues. Netflix and Warner Bros. Discovery have submitted Hart-Scott-Rodino antitrust filings and are engaging with U.S. and European regulators. The companies affirmed their commitment to working with authorities for a smooth transaction.
A rival all-cash bid from Paramount Skydance, led by David Ellison and valued at $30 per share, has emerged, backed by foreign sovereign wealth funds from Saudi Arabia, Qatar, and Abu Dhabi, as well as Larry Ellison's $40.4 billion commitment. Carr noted no immediate competition concerns with this bid but suggested the FCC could review it due to foreign funding. Paramount argues the Netflix deal would entrench market concentration, giving the combined entity 43% of global streaming subscribers, leading to higher prices and harm to creators and theaters.
Politicians across parties have raised alarms. Senator Elizabeth Warren described the deal as "an anti-monopoly nightmare," while Senator Mike Lee warned of "a lot of antitrust red flags." Netflix co-CEO Ted Sarandos and Warner Bros. Discovery's Bruce Campbell are scheduled to testify before a Senate antitrust hearing next month. Netflix counters that its share of TV viewing time remains below 10% in major markets.
Separately, Netflix co-CEO Greg Peters indicated the company plans to "keep that HBO team" post-acquisition, signaling intent to retain talent.
