Reports Say Trump Eyes Netflix Probe Over LGBTQ Content After Warner Bros Deal

Hollywood deal chatter just crashed into politics again: Netflix is reportedly leading the race to buy Warner Bros. Discovery, and the White House under Donald Trump is not loving that idea. Think antitrust alarms, culture-war fireworks, and a potential streaming super-stack that would pull HBO Max under Netflix’s roof.

Where the deal stands (and why it’s getting loud)

• Deadline says Netflix is currently the top bidder for Warner Bros. Discovery at roughly $28 a share.
• Paramount has also been in the mix, reportedly trying to buy WBD as well, which is an unusual pairing on its own.
• The New York Post reports senior White House officials have been workshopping antitrust concerns, worried Netflix could end up with outsized control over Hollywood if it wins.
• One government official, per the Post, framed it like a long, messy tech-style case if Netflix prevails.

Basically everyone agreed that Netflix presents unique antitrust concerns and if it won the bidding war it would be one long slog and touch off an investigation along the lines of those of Google and Amazon. Netflix already has market dominance but if you add a major streaming service that would stifle competition at some point.

If Netflix does close a deal, it would be buying WBD’s whole portfolio, which includes HBO Max. Translation: Netflix would not just be adding a channel tile — it would be absorbing one of its biggest streaming rivals.

The culture-war layer

This is not just about market share. The reporting ties Trump and his DOJ to long-running friction with Netflix over LGBTQ-inclusive programming. The push, according to these accounts, has been to nudge studios like Paramount toward more old-school, hyper-masculine fare — the kind of thing Trump-world likes to point to as a return to a pre-2010s Hollywood. One claim floating around even credits Trump with helping revive the Rush Hour franchise. Take that as you will, but it’s part of the larger narrative his allies are selling.

Separately, Entertainment Weekly reported that the Pentagon is not on board with what it called Netflix’s ideological direction after the streamer launched the military-themed, LGBTQ-centric series 'Boots.' Pentagon Press Secretary Kingsley Wilson told EW the department would not bend its standards to match Netflix’s programming choices and ripped the company’s leadership for pushing what he labeled 'woke garbage.'

And yes, Elon Musk chimed in too. On Oct. 1, 2025, he told his followers: 'Cancel Netflix for the health of your kids.'

Why the antitrust folks care

The fear is simple: scale. By FlixPatrol’s count, Netflix sits at over 300 million global subscribers. Amazon Prime Video is around 200 million. HBO Max is reportedly fourth with about 128 million. If Netflix owned WBD and folded HBO Max into its empire, you’re suddenly looking at 400 million-plus people funneling through one company’s content pipeline. That’s the scenario raising red flags.

And the audience has already shifted. The Streamable says 66% of U.S. adults prefer streaming movies at home over going to theaters. That’s before you even factor in series — where Netflix’s 'Stranger Things' and HBO’s 'Game of Thrones' have become cultural fossil records. Stack those libraries together and you get something closer to a Spotify-for-Hollywood situation, where one platform shapes the market’s center of gravity.

The oddities here

A couple of things about this whole saga need translating. The idea of Paramount buying WBD while Netflix also bids on WBD is… unconventional, to put it mildly. It’s also unusual to see a Pentagon press briefing about a Netflix show pop up in the same breath as merger talk. That’s where we are. The culture fight is bleeding into the business story.

What happens next

Even if Netflix is the high bidder today, nothing’s done. If the White House pushes for a broad review, you’re looking at a government process more like the recent Google and Amazon cases than a quick rubber stamp. Meanwhile, Hollywood’s watching to see whether Netflix gobbles up HBO Max or if a counter-move from Paramount (or someone else) resets the board.

My read: if Netflix lands this, it’s a once-in-a-decade power shift. If it doesn’t, the warnings alone could make every big studio merger a heavier lift for a while. Where do you land on Trump trying to throw sand in Netflix’s gears?