×
You will be redirected back to your article in seconds

Elizabeth Warren Raises ‘Serious Concerns’ Over CBS-Viacom Merger

Media analysts and the entertainment industry aren’t the only ones paying attention to the recent CBS-Viacom merger.

Massachusetts Senator Elizabeth Warren, a current frontrunner for the Democratic nomination, has weighed in on the merger, Tweeting that the Department of Justice “should be paying close attention.”

According to Warren, the pair of mega mergers which have taken place in the last few months (the other being Disney’s acquisition of Fox) has the potential to “raise serious concerns for consumers, employees, and the entire sector.”

Clearly Warren is afraid that the mass consolidation taking place across the media landscape is putting too much power in the hands of large conglomerates, with the potential negative effects including price hikes, mass layoffs and the threat of a multi-way monopoly in the media business.

CBS and Viacom reached a deal for the merger Tuesday after a marathon negotiating process, with the enlarged company taking on the moniker ViacomCBS Inc. The merger has so far yielded relatively few internal changes at the two companies, with Viacom CEO Bob Bakish leading the combined enterprise as president-CEO. Unlike the recent Disney/Fox merger (where plenty of divisions overlapped), Viacom and CBS have been mostly operating unique businesses, meaning that concerns about massive trims are low for the time being. At present, ViacomCBS companies together have 750 TV series ordered to production.

The reaction to the merger on Wall Street has been mixed, with questions being raised over the viability of the new company’s management structure and whether it will allow for maximizing assets.

Popular on Variety

More TV

  • Viacom Channels Grab 'Seinfeld' Cable Rerun

    Viacom Channels Grab 'Seinfeld' Cable Rerun Rights

    Viacom has sealed a deal with Sony Pictures Television for the cable rights to “Seinfeld” starting in October 2021. The deal comes on the heels of a blockbuster new deal between Sony and Netflix for the streaming rights to the beloved NBC sitcom that also begins in 2021. “Seinfeld” reruns have been a staple of [...]

  • Soho House

    Soho House Lands In Downtown Los Angeles

    Warner Music, Spotify and Lyft are poised to welcome a new neighbor to downtown Los Angeles’ Arts District with Soho Warehouse, the third California outpost of the Hollywood-loved members-only club — and the largest North American opening to date. Hot on the heels of the Soho House Hong Kong debut earlier this summer, the private [...]

  • Elite Season 2

    San Sebastian: Spain’s SVOD Players Debate Competition, Brand, Talent

    SAN SEBASTIAN  — Executives from HBO, Netflix, Amazon and Movistar+ and “Elite” co-creator Darío Madrona took to the stage to field questions on the Global Impact of Spanish Series. Here, briefly, are five takeaways: 1.Spain First “La Casa de Papel” was watched by 34,355,956 Netflix accounts over its first seven days,  after a July 19 [...]

  • Samsung Makes Bid to Keep Viewers

    Samsung Makes Bid to Keep Viewers From Skipping Fox Ad Breaks

    Fox is hoping to knit together the seconds-long divide between a TV program and the commercials that support it. During ad breaks for a few football broadcasts, tomorrow’s run of the Emmys and Wednesday’s season premiere of “The Masked Singer,” the network will kick off ad sessions with special show promos that display artistic renderings [...]

  • Patria

    HBO Europe Unveils ‘Patria’ Footage to Captive San Sebastian Audience

    SAN SEBASTIAN — Amid large expectation, HBO Europe has revealed first footage giving a first sense of tone and pace of its Spanish original series “Patria.” A packed-to-overflowing press conference on Saturday morning at the San Sebastian Festival can be read as one sign of the potential popularity of the eight-part series. The panel sneak-peek [...]

  • Topic Studios

    Layoffs Hit Topic Studios as TV Division Relocates to West Coast (EXCLUSIVE)

    A small round of layoffs has hit Topic Studios this week in the television division, insiders familiar with the company told Variety. One of the insiders said three executives at the New York-based producer and distributor are out: senior vice president of scripted programming and Viacom alum Lisa Leingang, vice president of development Mona Panchal [...]

  • Peter Weber and Mike Johnson

    'The Bachelor's' Mike Johnson on Diversity and New Leading Man Peter Weber

    ABC named its newest star of “The Bachelor” this week, officially making Peter Weber the leading man for Season 24 of the long-running dating show. Social media backlash ensued following the announcement due to ABC’s selection lacking diversity, yet again. Since the dating franchise began in 2002, there has been only one “Bachelorette” of color [...]

More From Our Brands

Access exclusive content