Trump holds $83B Netflix merger hostage to fire Obama adviser Susan Rice

Trump posted on Truth Social on Feb. 22, 2026, demanding Netflix fire SRSusan Rice from its board or "pay the consequences." The post came three days after Rice appeared on the Stay Tuned with Preet podcast hosted by former U.S. Attorney Preet Bharara and warned that Democrats won't forgive corporations that capitulated to Trump.

Rice has served on Netflix's board since 2018 and rejoined in 2023 after leaving the Biden White House. She previously served as President Obama's national security adviser from 2013 to 2017 and as U.S. Ambassador to the United Nations before that.

The DOJ is currently reviewing Netflix's proposed acquisition of Warner Bros. Discovery, which includes HBO, Warner Bros. film studios, and other entertainment assets. The deal is valued at approximately $83 billion. Netflix does not plan to acquire CNN or WBD's cable networks.

Trump's post amplified a message from LLLaura Loomer, a far-right activist, who called Rice's remarks anti-American and tagged FCC Chairman Brendan Carr, urging Trump to kill the merger. Loomer claimed — without evidence — that the Obamas would have a significant stake in the combined company through their production deal with Netflix.

Trump told NBC News earlier in February that he "shouldn't be involved" in the Netflix-WBD deal and that "the Justice Department will handle it." His Feb. 22 post directly contradicted that stance by threatening consequences tied to a board member's political speech.

Rival bidder Paramount Skydance launched a hostile takeover bid for all of Warner Bros. Discovery on Feb. 17, 2026, offering $30 per share in cash. Paramount has direct ties to Trump allies: investor Larry Ellison and his son DEDavid Ellison, the merged company's CEO, are supporters. Paramount's chief legal officer MDMakan Delrahim ran the DOJ antitrust division during Trump's first term.

DOJ antitrust chief GSGail Slater resigned earlier in February 2026. Her departure left the antitrust division in a period of transition at the exact moment both the Netflix and Paramount mergers are under active review.

Netflix co-CEO TSTed Sarandos privately met with Trump before the Netflix-WBD deal was announced. Trump publicly called Netflix a "great company" at the time but added it was "a lot of market share, so we'll have to see what happens." On Feb. 23, Sarandos told the BBC, "This is a business deal."