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WarnerMount vs. The Gathering Storm

Suspicions are building inside Paramount and beyond that Netflix is astroturfing Hollywood’s “Block the Merger” campaign and engaging with regulators about the deal. Netflix denies it all—but the growing push to kill WarnerMount is very real.

Ted Sarandos
When Ted Sarandos and Netflix were circling WBD, Paramount argued—loudly—that such a deal would “further cement [Netflix’s] dominance in streaming video-on-demand,” while dismissing efforts to stretch that market to include YouTube or TikTok as something “no serious regulator would ever accept.” Photo: Andrew Harnik/Getty Images
Eriq Gardner
April 21, 2026

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It was a banner week for state attorneys general. First, a federal jury found that Live Nation and Ticketmaster operated as an illegal monopoly. Then a federal judge in California halted the Nexstar–Tegna merger, giving credence to states’ claims that the deal would diminish competition in local TV markets. More than a few people are now asking whether the newly emboldened A.G.s will make a run at Paramount–Warner Bros. Discovery. The answer is: Almost certainly.