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Netflix CEO Met Trump Before Its Proposed Warner Bros. Deal—But Netflix Never Bought It

Netflix co-CEO Ted Sarandos met President Trump before Netflix announced a proposed Warner Bros. deal. Netflix never completed the acquisition; Paramount ultimately took over WBD.
From TheFinanceBase Team2 min to read
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Netflix co-CEO Ted Sarandos met President Donald Trump in the Oval Office shortly before Netflix announced a proposed Warner Bros. acquisition. The deal never closed: Netflix withdrew from the bidding, and Paramount’s takeover of Warner Bros. Discovery closed in October 2026.

When did Ted Sarandos visit the White House?

Trump said Sarandos met him in the Oval Office “last week” when discussing the deal publicly on December 8, 2025. That places the meeting in the week before Netflix’s December 5 announcement, but the available reporting does not establish the exact meeting date or provide a complete account of their private discussion. The Associated Press reported Trump’s account and comments on December 8, 2025.

What did Netflix propose to buy?

On December 5, 2025, Netflix and Warner Bros. Discovery (WBD) announced a definitive agreement for Netflix to acquire Warner Bros.’ film and television studios, HBO Max, and HBO. The plan depended on WBD first separating its Global Networks division; it was not a proposal for Netflix to take over every business then held by WBD. The agreement was subject to approvals and other conditions. Netflix’s announcement described the transaction scope and proposed structure.

What did the announced valuation mean?

Netflix and WBD announced an enterprise value of approximately $82.7 billion and an equity value of $72.0 billion. These are distinct measures: enterprise value reflects the value of the business, while equity value refers to the value attributable to shareholders. They were proposed-deal figures, not the final price of a completed Netflix acquisition.

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What did Trump say about the deal?

Trump raised concerns about market share and said he would take part in the government’s decision. The AP reported him saying, “They have a very big market share and when they have Warner Bros., you know, that share goes up a lot so, I don’t know.” He also said, “I’ll be involved in that decision, too.” The cited reporting does not provide a quantified market-share measure or define the market denominator, so his remarks should not be treated as a numerical finding.

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Did Netflix buy Warner Bros.?

No. Netflix later withdrew from the bidding after Paramount raised its offer. WBD’s board had recommended Netflix’s agreement over Paramount’s then-amended tender offer on January 7, 2026, but that interim recommendation did not mean the Netflix transaction was completed. Warner and Paramount entered a merger agreement in late February, and Paramount’s takeover closed by October 2026. The AP’s October 2026 report describes Netflix’s withdrawal and Paramount’s completed takeover. The available reporting does not establish that Sarandos’s meeting with Trump caused Netflix to withdraw.

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