President Donald Trump has raised concerns that Netflix’s proposed acquisition of Warner Bros. Discovery could face intense antitrust review, casting new uncertainty over a deal that could reshape the global entertainment industry.

Arriving at the Kennedy Center in Washington for a cultural event, Trump told reporters that the merger, which would bring one of Hollywood’s most iconic studios under the world’s largest streaming platform, deserved careful scrutiny from federal regulators.

“That’s got to go through a process, and we’ll see what happens. But it is a big market share. It could be a problem,” he said.

Trump’s comments, the most significant from the administration so far regarding the deal, quickly reverberated through political and financial circles.

The merger would combine Netflix’s massive subscriber base with Warner Bros.’ extensive content library and the HBO Max streaming service, potentially creating a platform with up to 450 million users globally.

Industry experts expect the consolidation to trigger a thorough review by the Justice Department’s antitrust division, which may contend that the combined entity’s market share could pose serious competition concerns.

Netflix is expected to challenge those antitrust concerns by advocating for a broader market definition that encompasses YouTube, TikTok, and other digital video platforms that vie for viewers’ attention. The company has also highlighted the shifting nature of the streaming market, pointing to its own subscriber declines in recent years.

It was earlier reported that Netflix had signed a definitive agreement to acquire Warner Bros. from Warner Bros. Discovery in a deal valued at $82.7 billion.

Under the terms of the cash-and-stock deal, Warner Bros. Discovery shareholders would receive $23.25 in cash plus $4.50 in Netflix stock per share, placing the company’s equity value at $72 billion.