Democratic Senator Elizabeth Warren has warned that corporate mergers approved during the Trump administration, including a pending $111bn deal combining Warner Bros Discovery and Paramount Skydance, could be reversed by a future administration. In an interview, Warren stated that deals being cut today are occurring in the shadow of a coming political tsunami of anger against giant corporations.
Warren warns of political backlash
“After 2028, we’ll have new players in Washington, and everyone who’s engaged in this merger frenzy right now is aware of that,” Warren said. “The deals that are being cut today are occurring in the shadow of a coming political tsunami of anger against these giant corporations that think they can mow through one industry after another and run up prices and suck out profits and never be held accountable.” She added that by 2028, they may find they have badly miscalculated.
Concerns over media consolidation
The Justice Department recently approved the merger of Warner Bros Discovery, parent of CNN and HBO, with Paramount Skydance, which includes CBS News and is controlled by the Ellison family. Critics worry that Larry Ellison, a Trump associate, and his son David could influence CNN’s coverage. David Ellison previously appointed conservative commentator Bari Weiss as editor-in-chief of CBS News, despite her lack of television experience. CBS News has since faced allegations of political bias, including at 60 Minutes.
Warren warned that if the networks are combined, “there’s one ultimate decision-maker who decides what’s important and what’s not” at two major news outlets. She said Ellison wants to inject a tilt into the news, meaning Americans will hear less independent, unbiased reports and more a predigested version comfortable for management.
Other major mergers approved
Beyond media, the Trump administration approved Nippon Steel’s $14.9bn acquisition of US Steel, Omnicom’s $13.5bn purchase of Interpublic, and a $35bn deal between Capital One and Discover Financial. In a speech, Warren accused the administration of turning a blind eye to harmful effects in exchange for political donations, calling it a “pay-to-play scheme.”
Legal challenges and future action
State attorneys general have reportedly planned a lawsuit over the Warner Bros-Paramount deal but have yet to announce it. Warren said she wouldn’t draw inferences from the delay, as such cases require significant resources. Senator Chris Murphy also threatened to break up “anti-democratic information conglomerates” if Democrats regain power. Midterm elections in November could shift control of Congress. Warren noted that antitrust law permits retroactive breakups of mergers if they later violate laws, though changing the law would be tough with Trump in the White House.
