Free press advocates project messages opposing the Paramount Warner Brothers merger on Jazz at Lincoln Center during the News and Documentary Emmy Awards on May 27, 2026, in New York City.

Donald Trump is practicing crony capitalism on an unprecedented scale, with the government green-lighting major mergers that benefit the president’s friends (most notably the Paramount–Warner Bros. merger). I spoke with Zephyr Teachout, who teaches constitutional law at Fordham, about this worrying development. We take up the long history of anti-monopoly politics, going back to the American Revolution and the antitrust battles of the late 19th century, as well as the possibility that state governments can fight the new wave of consolidation. Zephyr has often written on this subject for The Nation, notably in two recent articles. 

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