Why the Paramount‑Warner merger threatens democracy

Media critic Ben Bagdikian warned in 2004 that five corporations had accumulated “more communications power than was exercised by any despot or dictatorship in history.” More than 20 years later, a major media merger is bringing his warning back into focus. Paramount’s acquisition of Warner Bros. Discovery in October 2026 created a new company, Skydance Corporation. It now owns CNN and CBS News, Warner Bros. and Paramount Pictures, HBO and Paramount+, along with a sprawling collection of cable networks, live sports and entertainment franchises. The deal is valued at about US$110 billion including debt, and Skydance expects to cut at least $6 billion in costs within three years. A coalition of 12 states sued to stop the merger on antitrust grounds, arguing that it would reduce competition in movies and television. The eventual settlement required a multiyear movie production and theatrical release guarantee and an editorial independence board for CNN and CBS News. CNN chief Mark Thompson and CBS News Editor-in-Chief Bari Weiss remain in charge, but both ultimately report to Skydance CEO David Ellison. Lawmakers have already raised concerns about possible political influence over CB…

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