As Paramount, with close ties to the Trump administration, entered the bidding, experts predict any merger will ‘raise red flags’ among regulators

Over the first 10 months of his second presidency, Donald Trump has not hidden his desire to control the US media industry – from encouraging TV networks to fire journalists, comedians and critics he dislikes to pushing regulators to revoke broadcast licences. Now he seems determined to set the terms for one of the biggest media deals in history.

It’s a deal that could have repercussions not just in the US, but across the world, with not just the future of Hollywood at stake but also the landscape of news.

The president’s son-in-law is once again at the center of an international business deal that will require administration approval

On Monday, Paramount Skydance launched a $108bn takeover bid for Warner Bros Discovery, the entertainment giant that owns Hollywood movie studios, along with CNN, HBO and other media businesses. The bid is led by David Ellison, son of the tech billionaire Larry Ellison – a prominent Donald Trump supporter and Republican donor. Netflix had already prevailed over Paramount in a previous bidding competition for the purchase, but Trump announced on Sunday that he would “be involved” in his administration’s review of the Netflix deal. The president suggested the sale “could be a problem” because Netflix is already dominant in the US streaming market.

Paramount left out a significant fact in the press release announcing its offer: the bid includes funding from the private equity firm owned by Jared Kushner, the president’s son-in-law, as well as three Arab monarchies, Saudi Arabia, Qatar and the United Arab Emirates, which collectively have billions of dollars in ongoing ventures involving the Trump family business. Those details were buried in required paperwork filed with the Securities and Exchange Commission.

Lawsuit argues that proposed deal threatens to reduce competition in US subscription video-on-demand market

Netflix has been hit with a consumer lawsuit seeking to block the online video giant’s planned $72bn acquisition of Warner Bros Discovery’s studio and streaming businesses.

The proposed class action was filed on Monday by a subscriber to Warner Bros-owned HBO Max who said the proposed deal threatened to reduce competition in the US subscription video-on-demand market.

The battle to buy Warner Bros Discovery has captured Donald Trump’s attention. The US President has declared he’ll be involved in the decision on the company’s sale, as both Netflix and Paramount fight to take over the entertainment giant. Lucy Hough speaks to Guardian US deputy business editor Callum Jones