Netflix last week emerged victorious from the months-long bidding war for Warner Bros. Discovery, reaching a massive deal that would unite the two film and television giants and allow Netflix to take ownership of HBO Max, one of its biggest streaming rivals. But President Donald Trump and his Administration could kill the industry-redefining acquisition before it’s ever realized.

While media mergers often end up under the purview of the Federal Communications Commission, that isn’t the case with this deal, as neither Netflix or Warner Bros. owns any broadcast station. But the acquisition will still need the approval of regulators in the U.S. and Europe, and is expected to face an antitrust review by the Department of Justice.

Netflix co-CEO Ted Sarandos said Friday the company was “hig

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