The $110 billion Skydance merger closed Tuesday, putting CNN, CBS, HBO, Paramount, and Warner Bros. under a single family's control — with sovereign wealth equity, a Trump ally's financial backstop, and an FCC waiver that bent its own foreign ownership rules to make it happen.
Twelve state attorneys general are suing to block the Warner Bros.-Paramount merger after the Trump administration waved it through. The case is a direct indictment of how federal antitrust enforcement is being selectively applied.
FCC Chair Brendan Carr is moving to eliminate a TV ownership cap that Congress wrote into law specifically to stop the FCC from changing it. The companies positioned to benefit are already in the middle of a federal lawsuit over the same rule.