WASHINGTON D.C. — Today, U.S. Senator Cory Booker (D-NJ), Ranking Member of the Senate Judiciary Subcommittee on Antitrust, Competition Policy, and Consumer Rights, issued the following statement regarding the announcement of the proposed merger between Paramount and Warner Bros. Discovery:
“The proposed merger between Paramount and Warner Bros. Discovery is far from settled. Now that there is an actual agreement on the table, the federal government has both the power and the responsibility to review it – and block it if it threatens competition, hurting consumers and workers. State attorney generals can do the same. And private parties directly harmed by anticompetitive conduct have standing to sue under the antitrust laws as well.
“Right now, with a proposed merger of this magnitude moving forward, the Antitrust Subcommittee hearing scheduled for March 4 is more necessary than ever. The Subcommittee had planned to bring in stakeholders from the creative community — writers, directors, actors, and other professionals whose livelihoods would be directly affected by the sale of Warner Bros. to any acquirer. Carefully evaluating the competitive implications of this merger is a responsibility that falls on Republicans and Democrats in Congress alike, as well as the Administration’s antitrust enforcers.
“From the beginning, I have sought to apply the same rigorous oversight to Paramount that this subcommittee conducted on Netflix because Paramount was always an active player in the efforts to acquire Warner Bros. Discovery. Paramount CEO David Ellison was invited to testify before the subcommittee in February but declined, and has not yet responded to our congressional inquiries. In light of Warner Bros. Discovery’s determination that Paramount’s offer is superior, and Netflix’s withdrawal of its bid, Mr. Ellison’s testimony is more timely and relevant than ever. Yesterday, I renewed that invitation.
“Because I believe that the hearing should have proceeded as planned, I intend to exercise Congress’ oversight authority and scrutinize this deal just as we did the Netflix transaction. My office will announce those plans in the days ahead.
“The circumstances surrounding this Administration’s antitrust enforcement, and the apparent political favoritism that has colored this, have cast a shadow over every transaction now moving through the approval process. Congress has a responsibility to ensure the Department of Justice and Federal Trade Commission are not clearing megamergers for the benefit of the Administration’s allies.
“If this Congress does not act, Democrats are committed to getting it done when we retake the majority. That is why I am working on legislation that would authorize the Department of Justice and the Federal Trade Commission to investigate and unwind any merger consummated under this Administration that is anticompetitive, harms consumers, or puts Americans out of work."