Senator says mergers approved under current administration face reversal

A Democratic senator said corporate mergers approved since the start of the current administration could be reversed by future officials after the 2028 presidential election. The senator pointed to a pending $111 billion combination of Warner Bros Discovery and Paramount Skydance. The transaction would place CNN, HBO, CBS News, and other outlets under common ownership.

Media ownership concerns The senator stated that one decision-maker would control coverage decisions at two major news networks. The senator added that this structure could reduce the availability of independent reporting. State attorneys general have reportedly prepared a lawsuit against the media deal but have not filed it.

The senator said the delay reflected the resources needed to coordinate among multiple states.

Additional approved transactions The senator also referenced three other mergers cleared in recent months: Nippon Steel’s $14.9 billion purchase of U.S. Steel, Omnicom’s $13.5 billion acquisition of Interpublic, and Capital One’s $35 billion purchase of Discover Financial.

The senator said the administration had approved the transactions shortly after taking office and linked the approvals to political donations from the companies involved.

Legislative limits The senator noted that midterm elections in November could return Democratic majorities in Congress. Even with those majorities, the senator said changes to antitrust statutes would face vetoes under current law. Antitrust statutes still allow retroactive challenges if a merger is later found to violate existing rules, the senator added.