By Wall Street analysts believe the Trump administration will create significant regulatory hurdles for Comcast Corp (NASDAQ: CMCSA) if it does indeed proceed with recently reported plans of buying Warner Bros Discovery Inc (NASDAQ: WBD)
WBD has officially opened the door to acquisition talks, with David Zaslav – its chief executive – recently confirming “interest from multiple parties.”
According to the latest media reports, CMCSA is among those exploring a deal.
However, political headwinds could complicate its path forward. At writing, Comcast stock is up nearly 200% versus its April low.
What Trump might have against a Comcast-WBD deal
Experts aren’t entirely convinced that a potential Comcast-WBD merger will succeed in securing regulatory approval under the Trump administration.
Why? Because the President’s disdain for the company and its co-chief executive, Brian Roberts, is well-documented.
In April, Trump called Roberts a “lowlife” and denounced Comcast as “ a disgrace to the integrity of Broadcasting” on Truth Social – animosity that analysts suspect could translate into regulatory resistance.
Blair Levin of New Street Research, for example, told clients in his latest research note that “it is almost certain that the Trump DOJ would not allow CMCSA to buy WBD and the result would be decided in court.”
Trump’s criticism appears rooted in his perception that Comcast’s media properties – particularly MSNBC and CNN – are left-leaning or hostile to his administration.
Does it mean CMCSA wouldn’t bid for WBD?
Not necessarily. Comcast executives reportedly believe the aforementioned regulatory risks are actually overstated or premature.
In fact, according to anonymous sources, the company is weighing its options. One potential workaround could involve excluding CNN from the deal or divesting it post-acquisition.
Comcast’s donation to Trump’s $300 million White House ballroom initiative via the Trust for the National Mall may also be a strategic gesture to build goodwill.
Meanwhile, the Nasdaq-listed firm is already spinning off MSNBC into Versant – a move that may further help mitigate concerns.
Given the strategic value of WBD assets, Comcast’s leadership may also bet that President Trump’s reputation as a dealmaker will ultimately override his public grievances.
Is Comcast stock worth buying without WBD?
Investors should note, however, that Comcast shares remain worth owning heading into 2026 – even without WBD – given the company’s fundamentals remain compelling.
On Thursday, the mass media and entertainment conglomerate reported market-beating financials for its third quarter, with a 45% year-on-year increase in free cash flow to $4.9 billion.
CMCSA stock is currently going for a forward price-to-earnings (P/E) multiple of less than 7 which makes it all the more attractive for long-term investors.
A lucrative dividend yield of 4.87% makes up for another great reason to invest in Comcast today.
Wall Street also currently has a consensus “overweight” rating on CMCSA with a mean target of about $39, indicating potential upside of nearly 50% from here.
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