Senator Elizabeth Warren is sounding the alarm over a wave of major corporate mergers approved during the Trump administration, suggesting they could be unraveled if Democrats return to power.
Warren's warnings center on blockbuster deals greenlit since Trump took office, most immediately the $111 billion combination of Warner Bros Discovery and Paramount Skydance approved by the Department of Justice earlier this month. The merger would consolidate CNN and HBO with CBS News and other media assets controlled by the Ellison family—Larry Ellison, a longtime Trump associate, and his son David.
"As soon as Trump took office, corporations came knocking at the White House door to get their pro-monopoly deals approved," Warren said in a speech to the Open Market Institute. "Have you wondered why companies keep donating millions of dollars to Trump's gold-encrusted ballroom, his arch, or his library? It looks a lot like a pay-to-play scheme."
During the same period, the Trump administration also approved Nippon Steel's $14.9 billion acquisition of U.S. Steel, Omnicom's $13.5 billion purchase of Interpublic Group, and a $35 billion merger between Capital One and Discover Financial.
After David Ellison gained control of CBS News through Paramount Skydance's creation last year, he appointed Bari Weiss—a conservative commentator with no television journalism background—as editor-in-chief. CBS News has since faced multiple allegations of political bias, including at the flagship program 60 Minutes.
Warren pointed out that existing antitrust statutes permit retroactive breakups of mergers if they're later determined to violate antitrust provisions. That possibility offers a potential legal avenue that doesn't require congressional action or presidential approval.
State attorneys general have reportedly prepared a lawsuit challenging the Warner Bros Discovery-Paramount deal, according to Warren. The litigation hasn't been publicly announced.
Senator Chris Murphy warned in a social media post that if Paramount succeeded in acquiring Warner Bros Discovery, the company "should enjoy its growing news monopoly while they have it because when Democrats win back power we are going to break up these anti-democratic information conglomerates. All of them."
Warren acknowledged that legislative remedies face obstacles while Trump remains in office. "What we'll be able to change in the law will be tough, with Donald Trump still sitting in the White House and able to veto anything he doesn't like," she said.
Warren suggested that deal architects may have "badly miscalculated" by betting on political durability that may not hold. She referenced a "coming political tsunami of anger" over the mergers.
"Everyone who's engaged in this merger frenzy right now is aware of that," Warren said.
