President Donald Trump isn't planning to sit this one out. Speaking to reporters on the Kennedy Center Honors red carpet Sunday, Trump made clear he intends to personally involve himself in the federal review of Netflix Inc. (NFLX)'s blockbuster acquisition of Warner Bros. Discovery (WBD).

When the President Weighs In

"I'll be involved in that decision," Trump told Deadline's Ted Johnson, pointing out that the merged entity would control a "very big market share" that "could be a problem" depending on what economists conclude.

The stakes are certainly high. Netflix agreed Friday to acquire Warner Bros. Discovery's film and TV studios along with its streaming business for $72 billion in cash and stock. Factor in debt, and the enterprise value hits $82.7 billion. If regulators sign off, the deal should close within 12 to 18 months.

Friendly Words, But No Promises

Trump's tone about potential antitrust issues didn't stop him from heaping praise on Netflix co-CEO Ted Sarandos. He called Sarandos a "fantastic" person who has "done a legendary job" running the streaming giant.

Sarandos visited the Oval Office last week, Trump confirmed, though the merger apparently didn't come up in conversation. That's probably for the best given what's ahead.

The transaction requires Warner Bros. Discovery to carve out its studio and streaming operations from its traditional TV networks before handing the Warner Bros. segment over to Netflix. The streamer has lined up $59 billion in bridge financing through Wells Fargo and agreed to pay a $5.8 billion breakup fee if regulators kill the deal.

A Messy Bidding War and Sour Grapes

This merger emerged from a fierce bidding war that included Paramount Skydance (PSKY) led by David Ellison and Comcast Corp (CMCSA).

Paramount Skydance isn't taking the loss gracefully, accusing Warner Bros. Discovery of rigging the process to favor Netflix. Whether those accusations gain traction with regulators remains to be seen.

For now, Netflix investors seem nervous about the whole thing. Shares are down 5.88% over the past five days as the market digests what this massive acquisition means for the company's balance sheet and competitive position.