Paramount reportedly wants to acquire Warner Bros. Discovery, antitrust law be damned

Paramount Skydance, a recently formed company after Skydance's acquisition of Paramount, is reportedly planning to make a bid to acquire Warner Bros. Discovery. The acquisition would likely be a costly affair, as Warner Bros. Discovery's market cap is more than double that of Paramount Skydance. The article suggests that this potential merger could lead to further consolidation in the entertainment industry, which could result in less varied and interesting content. However, it also raises concerns about the concentration of power in the hands of the federal government. Prior to the deal, CBS paid a $16 billion settlement with former President Trump, which may have affected the government's stance towards the acquisition. Additionally, Skydance's commitment to abandon diversity, equity, and inclusion (DEI) programs at CBS and make the network "embody a diversity of viewpoints across the political and ideological spectrum" was cited as a justification for the FCC's approval of the acquisition. The article concludes by highlighting the potential impact on competition and the question of how the FCC will respond to this possible acquisition, given the significant amount of money and power involved.