Sen. Booker on Paramount, WBD: deal is far from settled
TL;DR
Sen. Cory Booker and other lawmakers are intensifying antitrust scrutiny of Paramount's proposed acquisition of Warner Bros. Discovery, citing concerns over market concentration, media diversity, and potential price hikes. Regulatory reviews by the Justice Department and state attorneys general, along with political dynamics, add uncertainty to the deal's approval.
Sen. Booker on Paramount, WBD: deal is far from settled
Sen. Booker on Paramount-WBD Deal: Antitrust Scrutiny Intensifies as Netflix Withdraws
The proposed $31-per-share acquisition of Warner Bros. Discovery (WBD) by Paramount Global has drawn immediate scrutiny from lawmakers and regulators following Netflix’s abrupt withdrawal from the bidding process. Sen. Cory Booker (D-NJ), the top Democrat on the Senate Judiciary antitrust subcommittee, has called for Paramount CEO David Ellison to testify at a March 4 hearing, reiterating concerns about market concentration.
The Senate hearing, originally scheduled to address the Netflix-WBD deal, will now shift focus to Ellison’s Paramount. Sen. Mike Lee (R-UT), the subcommittee chair, canceled the prior Netflix-centric hearing after the streaming giant declined to match Paramount’s offer. However, Booker has renewed pressure on Ellison to appear, citing his prior commitment to testify if Paramount acquired WBD.
Lawmakers from both parties have raised antitrust alarms about the merger, which would combine two of Hollywood’s largest studios. Sen. Elizabeth Warren (D-Mass.) warned the deal risks "higher prices and fewer choices for American families," while Sen. Adam Schiff (D-Calif.) emphasized the need for "highest levels of scrutiny" to assess impacts on jobs and free speech according to reports. Critics also highlight the potential consolidation of news outlets, including CNN and CBS News, under Ellison’s control, raising concerns about media diversity.
The Justice Department, which holds authority to block the merger, has remained silent, but state attorneys general and advocacy groups are actively reviewing the transaction. California Attorney General Rob Bonta noted the deal "has not cleared regulatory scrutiny," with his office conducting a "vigorous review" according to officials. Meanwhile, movie theater owners, through Cinema United, argue the merger could reduce theatrical releases and further concentrate box office power, citing a 46% decline in major studio releases since 2016.
Political dynamics complicate the debate. Ellison’s close ties to President Trump—including attending the State of the Union as a guest of Sen. Lindsey Graham (R-SC)—have drawn Democratic criticism, with some lawmakers questioning potential conflicts of interest. The outcome of the 2026 midterm elections could also reshape regulatory oversight, as Democrats threaten to expand antitrust investigations if they regain congressional control.
As WBD’s board prepares to vote on the deal, the path forward remains uncertain. With federal, state, and international regulators all weighing in, the merger’s fate will hinge on balancing corporate strategy with antitrust enforcement and public interest concerns.
