Swamp Notes Trump’s starring role in the Warner Bros fight
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Feb 13, 2026 
Oliver Barnes, FT deals and activism correspondent, breaks down the bidding chaos around Warner Bros. Chris Grimes, FT Los Angeles bureau chief, explains Hollywood power plays and industry fallout. They cover Netflix and Paramount’s clash, Trump’s ties to bidders, DOJ antitrust scrutiny, activist investor moves and the high-stakes shareholder vote to watch next.
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Warner Discovery's Struggles Spark Bidding
- Discovery's merger with Warner left the combined company underperforming and ripe for a breakup.
- Paramount's September bid kicked off a wider competitive process that ultimately drew in Netflix and Comcast.
Paramount's Hostile Counterattack
- Paramount launched a hostile campaign after losing the initial private auction to Netflix.
- The studio pursued a proxy fight, board changes, and a slightly sweetened offer to overturn the Netflix deal.
Big Mergers Reshape Content Markets
- A merged Paramount-Warner or Netflix-Warner would reshape content buyers and job structures across Hollywood.
- Netflix acquiring Warner would create a streaming behemoth forcing rivals like Disney and Comcast to adapt.