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mergers and acquisitions
Anti-Monopoly Dems Say Proposed Airline Megamerger 'Should Never See Light of Day'
The heads of the congressional Monopoly-Busters Caucus warned that a future administration could "break up" a merger of United and American Airlines if it is approved by Trump regulators.
Apr 15, 2026
The Democratic leaders of the congressional Monopoly-Busters Caucus said Wednesday that a recently floated megamerger of two of the largest airlines in the US—United and American—would be so awful for consumers that it shouldn't even be considered, let alone approved by federal regulators.
"The rumored scheme to merge United and American should never see the light of day," said Reps. Pramila Jayapal (D-Wash.), Chris Deluzio (D-Pa.), Pat Ryan (D-NY), and Angie Craig (D-Minn.). "This disaster of a merger would be illegal, consolidating more than a third of the US airline market, eliminating direct competitors on hundreds of routes across the country, and creating a near-monopoly on flights in many cities."
The House Democrats went on to say that if a United-American merger is formally proposed and approved by President Donald Trump's regulators, a future Democratic administration could break up the resulting airline behemoth.
"In a time when too many Americans just struggle to even go on vacation, much less afford their housing, childcare, and healthcare, these airline executives should not mistake the corruption of this administration as a green light to break the law," the lawmakers said. "They should also remember that there is no statute of limitations on breaking up bad deals."
"In case it is not crystal clear," they added, "that is absolutely a threat to break up this merger should it ever happen."
The lawmakers' statement came a day after Bloomberg reported that United Airlines (UA) CEO Scott Kirby floated the idea of merging his company with American Airlines (AA) "directly" to Trump during a meeting in late February. Kirby also pitched the merger idea to other "senior government officials," the outlet noted, without providing names.
"A combination would create the largest airline on the planet," Bloomberg observed. "As a result, any merger between the two aviation giants would pose serious antitrust concerns and likely face significant backlash from consumers, politicians and rival US airlines."
"That the United CEO raised the idea of a merger with American directly with Donald Trump suggests he thinks he might obtain direct approval from the president for a merger that would otherwise never be permitted.”
Contrary to claims of a "surging MAGA antitrust movement" in the early days of Trump's second White House term, the president's administration has proven friendly to corporate merger efforts, from Paramount-Skydance to UnitedHealth-Amedisys and more. Reuters reported Wednesday that "investment banking fees—earned from advising on mergers and acquisitions and underwriting deals—surged an average of 27% across six major US banks in the first quarter, with record dealmaking a key profit driver."
William McGee, senior fellow for aviation and travel at the American Economic Liberties Project, said Wednesday that "thanks to the federal preemption clause in the 1978 Airline Deregulation Act, states have virtually no airline oversight."
"So effectively the only sheriffs overseeing airlines are [the Department of Transportation] and [Department of Justice]," McGee observed. "Under Trump they've been derelict in policing competition."
"To be clear: A UA-AA merger is absurd," McGee added. "A monolith mega-mega-carrier operating 4 of every 10 domestic flights is so harmful that anyone favoring it doesn't understand airlines. Or is a regulator eager to please a president who 'loves to see big deals.'"
Robert Weissman, co-president of the consumer advocacy group Public Citizen, said in a statement Tuesday that "it would be easy to dismiss the prospect of such a merger passing antitrust scrutiny—except that the Trump Department of Justice seems content to bless dangerously high levels of corporate concentration, so long as administration cronies, allies, or flatterers are in charge of corporate goliath."
"That the United CEO raised the idea of a merger with American directly with Donald Trump," Weissman added, "suggests he thinks he might obtain direct approval from the president for a merger that would otherwise never be permitted.”
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'One Family Is About to Control CBS, CNN, HBO, and TikTok': Alarm Grows Over Paramount-Warner Bros. Merger
"When Democrats win back power we are going to break up these anti-democratic information conglomerates," said Sen. Chris Murphy. "All of them."
Feb 27, 2026
Concerns are mounting about the state of the US media landscape now that it looks increasingly likely that Paramount Skydance—a company controlled by the son of billionaire Larry Ellison, a donor to President Donald Trump—will succeed in its bid to acquire Warner Bros. Discovery.
One day after Netflix announced that it was dropping its previously accepted bid to buy Warner, many critics demanded that antitrust laws be invoked to block the Paramount-Warner merger from going through.
Alvaro Bedoya, former commissioner at the Federal Trade Commission, warned that the Ellison family could soon use their control over vast swaths of US media properties to engage in mass censorship, and he pointed to their decisions to cancel Stephen Colbert's program and to refuse to air an interview with Democratic US Senate candidate James Talarico.
"One family is about to control CBS, CNN, HBO, and TikTok," he wrote in a social media post. "They’ll buy [Warner Bros. Discovery] with $24 billion in money from the Saudis, Qatar, and Abu Dhabi. To win over Trump, they canceled Colbert... and blocked Talarico. Much more will follow. Block this rotten deal."
Craig Aaron, co-CEO of Free Press, said the proposed Paramount-Warner merger was "even worse" than the proposed Netflix-Warner merger.
"This deal endangers our democracy by giving a family of pliant billionaires even more control of vast swaths of our news coverage, TV stations, and movie studios," Aaron said. "Allowing more mergers in the already highly concentrated movie business will harm filmmakers and industry workers when Paramount delivers on its promise to make deep cuts to please its Wall Street backers."
Writing in the American Prospect, David Dayen described the Paramount-Warner merger as the "worst-case scenario" that has "echoes of media-political consolidation as we see in dictatorships the world over."
Dayen argued that state governments still had time to block the merger, but warned that they were in a race against time given that Paramount's consultants "are trying to speed run the deal in a matter of weeks."
"The states could challenge the merger even after the feds bless it," Dayen continued, "but by then, Paramount and Warner Bros. would have likely commingled their assets, engaged in layoffs, and made it very difficult to untangle the merger, particularly for judges who are inherently conservative on these matters."
Some Democratic lawmakers are warning that they aren't going to stop fighting the Paramount-Warner merger even if it goes through.
In an interview with Semafor, Sen. Ruben Gallego (R-Ariz.) predicted that the Ellisons would come to regret aggressively buying up US media properties.
"Once we take power, whoever the president is, we’re going to break up your companies," said Gallego. "So all the investment you did to create these mergers are going to be for naught. Your investors are going to be pissed at you, and you’re likely going to end up getting fired as the CEO because you wasted so much money and corrupted yourself in the process."
Sen. Chris Murphy (D-Conn.) echoed Gallego's argument in a social media post.
"Paramount should enjoy its growing news monopoly while they have it," he wrote, "because when Democrats win back power we are going to break up these anti-democratic information conglomerates. All of them."
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Trump’s Lax Approach to Antitrust Helps Spur Banner Year for Corporate Mergers
"Trump’s new antitrust enforcers have demonstrated a willingness to facilitate dealmaking through an uptick in early terminations and settlements," said the American Economic Liberties Project.
Dec 26, 2025
Global corporate mergers surged to near-record highs in 2025, driven in part by US President Donald Trump's lax approach to antitrust enforcement.
The Financial Times reported on Friday that global dealmaking in 2025 topped $4 trillion, including 68 mergers worth $10 billion or more, highlighted by Netflix's $72 billion bid to buy Warner Bros. Discovery and a proposed $85 billion mega-merger between railway giants Union Pacific and Norfolk Southern.
The US alone accounted for $2.3 trillion worth of mergers and acquisitions, which the Financial Times said highlighted the Trump administration's role in green-lighting corporate consolidation.
"Top dealmakers said that the Trump administration’s push to loosen regulation had encouraged companies to explore tie-ups that they might otherwise have been hesitant to pursue," the Financial Times explained.
Andrew Nussbaum, co-chair of the executive committee at law firm Wachtell, Lipton, Rosen & Katz, told the Financial Times that corporate leaders "see a willingness of the regulators to engage in constructive dialogue" under the second Trump administration, which has given them "a willingness to take on regulatory risk for transactions that are strategic."
The American Economic Liberties Project has also taken note of the Trump administration's role in shepherding through big mergers, and created a Trump Merger Boom tracker earlier this year to document the massive wave of corporate consolidation.
In its analysis of the administration's lax approach to antitrust enforcement, the American Economic Liberties Project said that "Trump’s new antitrust enforcers have demonstrated a willingness to facilitate dealmaking through an uptick in early terminations and settlements."
"Despite pro-enforcement rhetoric early on from Trump’s heads of the FTC and DOJ Antitrust Division," the American Economic Liberties Project added, "it’s becoming increasingly clear that agency leadership is having trouble making their decisions in a vacuum—with a quiet tide of deals granted to companies that have been friendly to the White House."
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