A prominent Republican U.S. representative has raised significant antitrust concerns regarding the potential acquisition of Warner Bros. Discovery's (WBD) HBO Max and its entertainment studios by Netflix. Rep. Darrell Issa (R-California) conveyed these warnings in a letter, dated November 13, to key Trump administration officials: U.S. Attorney General Pam Bondi, FTC Chairman Andrew Ferguson, and Gail Slater, Assistant Attorney General for the Justice Department’s antitrust division.

The letter highlights reports of Netflix seeking to acquire WBD's studio and streaming properties. Issa underscored that Netflix is already the dominant streaming platform in the United States, and allowing it to absorb a major competitor like WBD's assets would exacerbate antitrust issues, potentially harming consumers. With over 300 million global subscribers and an expansive content library, Netflix currently possesses unparalleled market power. The addition of HBO Max’s subscribers and Warner Bros.’ premier content rights would further solidify this position, reportedly pushing the combined entity beyond a 30 percent share of the streaming market—a threshold traditionally viewed as problematic under antitrust law.

Warner Bros. Discovery had previously announced receiving acquisition interest from multiple parties and initiated a review process. David Ellison’s Paramount Skydance is known to have submitted bids for WBD in its entirety, while Netflix and Comcast have focused their bids on the company’s streaming and studio operations. WBD set a November 20 deadline for nonbinding first-round bids, aiming to conclude the process by year-end.

Netflix, which ceased sharing subscriber figures at the beginning of 2025 to shift investor focus to financial and user-engagement metrics, describes itself as a leading entertainment service. WBD, meanwhile, reported 128.0 million streaming subscribers at the end of the third quarter of 2025, an increase of 2.3 million from the previous quarter, encompassing HBO Max, Discovery+, and its sports-streaming services.

Issa's letter also expressed concern that such consolidation could diminish incentives for producing new content and major theatrical releases. He referenced previous statements by Netflix co-CEO Ted Sarandos, who at an industry conference earlier in the year and at the Time100 Summit in April, described movie theaters and the communal moviegoing experience as "outdated" and "outmoded concepts." Sarandos noted that while some might enjoy walking to a multiplex in Manhattan, most of the country lacks such access.

Concluding his letter, Rep. Issa lauded the Administration's efforts to promote competitive markets and regulatory common sense, urging continued protection of a critical American industry, enhancement of consumer choice, and safeguarding of vital American jobs. Netflix declined to comment on the matter, and a representative for Warner Bros. Discovery did not respond to a request for comment.