Tom Steyer Opposes Warner Bros. Deals

SAN FRANCISCO, CALIFORNIA - California gubernatorial candidate Tom Steyer announced his opposition to the sale of Warner Bros. to either Paramount or Netflix today. Steyer denounced Trump’s involvement in the proposed mergers, and called the deals monopolistic. 

“There are two ways to win in a competitive business: do a better job or kill your competitors. Were either Paramount or Netflix to buy Warner Bros., they would be doing the latter — dramatically reducing distribution options in the process. That’s the definition of what antitrust is supposed to address. What Netflix is trying to do here has become a consistent, and successful, strategy in social media and communications, leading to high prices, fewer jobs and a more boring world. 

Beyond the clear antitrust implications, this will make the United States creative process much less competitive. Hollywood has been an extension of American cultural power worldwide. In dumbing Hollywood down, we reduce our cultural influence over the rest of the world.

This deal also reeks of corruption. Trump wants to be personally involved in this decision, with family and friends in on the bid. This is a mercantile government run for the benefit of the would-be dictator and his crew. It’s absolutely wrong.”

Steyer founded and led a successful hedge fund, until he walked away from it 15 years ago to devote his time and money to public service. In addition to opposing the sale of Warner Bros. on anti-trust grounds, Steyer has proposed breaking up the effective monopoly of California’s utility companies in order to bring down energy prices. Steyer spoke about this proposal and his support for increasing competition to address the affordability crisis in the Wall Street Journal.