In a tweet sent Saturday afternoon, Trump praised the "tough and smart" Bannon, saying he would make Breitbart "better than ever before," and provide other news organizations with more competition.
Earlier Saturday, Trump had thanked the now ex-White House Chief Strategist for his service in the defeat of Hillary Clinton during the 2016 presidential election.
Bannon has long been a controversial figure in the White House, due in no small part to his association with the "alt-right" movement many critics consider nothing more than re-branded white nationalism.
As executive chairman, Bannon is reportedly planning to expand Breitbart to compete with Fox News, according to Axios.
The opportunity may be there, as some have speculated Fox may itself take a new direction as the sons of Rupert Murdoch continue to assume more power in the company.
Among the plans, Bannon, who pursued what many considered anti-globalist policies while in the White House, is planning to take Breitbart oversees, Axios reported.
After Bannon left the White House on Friday, Breitbart senior-editor-at-large Joel Pollak tweeted "#WAR," later telling CNBC that he meant a figurative war fought by Breitbart's "happy warriors."