Donald Trump publicly demanded that Netflix remove Susan Rice amid high-stakes negotiations between Netflix, Warner Bros. Discovery and Paramount Skydance
The takeover battle for Warner Bros. Discovery has taken an unexpected political detour. Former President Donald Trump used Truth Social to demand that Susan Rice be removed from Netflix’s board after comments she made on a podcast sparked controversy. Rice, a former U.S. ambassador, joined Netflix’s board shortly before Netflix unveiled an offer for Warner’s studios and streaming assets — a deal valued at roughly $83 billion on an enterprise basis.
Trump’s post amplified a far‑right activist’s interpretation of Rice’s remarks and linked to that activist’s post on X. The result was an intense public clash that layers political heat onto what was already a high‑stakes business contest: Netflix is trying to buy Warner’s content and streaming operations while Paramount Skydance is pressing a rival bid.
How the dispute started
Rice’s comments came during an episode of Preet Bharara’s podcast, where she outlined what she called a likely “accountability agenda” if Democrats returned to power — regulators and lawmakers scrutinizing firms that skirted rules or pushed regulatory limits. Critics read portions of the conversation as a threat of partisan retribution; Rice’s allies say she was sketching broad policy options, not advocating targeted punishment.
Whatever the intent, public statements by board members matter in deal fights. They can shape perceptions about governance risk, attract regulatory attention and influence shareholder sentiment. For Netflix, the immediate fallout is reputational and political pressure centered on a single director’s public profile. For Warner, the scrimmage opens a tactical window: the company has granted a short waiver to allow further talks with Paramount Skydance.
The seven‑day window and what it means
Warner Bros. Discovery’s board gave Paramount a limited seven‑day consultation period — expiring February 23 — to address “deficiencies” and present a best and final offer. That narrow timeline aims to let competing bidders firm up proposals ahead of a March 20 shareholder vote, but it also compresses decision‑making and raises the likelihood of last‑minute moves.
Netflix’s arrangement to buy Warner’s studio and streaming business was first reported as a $72 billion cash transaction, translating to about $83 billion in enterprise value once debt is counted. Paramount Skydance responded with a hostile bid for the entire company. Their tender began at roughly $30 per share — about $108 billion enterprise value including debt — and they indicated a willingness to raise the price to $31 per share while courting shareholders.
Antitrust and regulatory pressure
Both proposals will face close antitrust scrutiny. Large content libraries and distribution platforms draw attention from regulators at home and abroad; the Department of Justice and international authorities are already reviewing the proposals. Regulators could demand remedies, structural changes or behavioral commitments, or in extreme cases block transactions that threaten competition in streaming, content licensing or advertising markets.
That regulatory uncertainty affects valuations and strategy. Bidders commonly build contingency clauses into offers, budget for potential remedies, and prepare detailed economic analyses to persuade authorities that the deal won’t harm consumers. Early, candid engagement with enforcers often eases the path to clearance; last‑minute fixes are less persuasive.
Practical implications for boards and bidders
For corporate leaders, the advice is familiar but urgent: revisit governance frameworks, accelerate compliance audits, and tighten disclosure around past regulatory interactions. Legal teams should document remedial actions and rehearse responses for extended review periods. From a financing standpoint, bidders need clear commitments that can survive heightened scrutiny.
Shareholders will expect transparent communication between February 23 and the March 20 vote. Proxy materials may change if Paramount revises its proposal or Netflix adjusts terms. Institutional investors will be watching which bid offers the clearest path to closing with the fewest regulatory strings attached.
Trump’s post amplified a far‑right activist’s interpretation of Rice’s remarks and linked to that activist’s post on X. The result was an intense public clash that layers political heat onto what was already a high‑stakes business contest: Netflix is trying to buy Warner’s content and streaming operations while Paramount Skydance is pressing a rival bid.0
Trump’s post amplified a far‑right activist’s interpretation of Rice’s remarks and linked to that activist’s post on X. The result was an intense public clash that layers political heat onto what was already a high‑stakes business contest: Netflix is trying to buy Warner’s content and streaming operations while Paramount Skydance is pressing a rival bid.1
Trump’s post amplified a far‑right activist’s interpretation of Rice’s remarks and linked to that activist’s post on X. The result was an intense public clash that layers political heat onto what was already a high‑stakes business contest: Netflix is trying to buy Warner’s content and streaming operations while Paramount Skydance is pressing a rival bid.2