A CNN insider told Variety magazine on Tuesday that the mood inside CNN right now is “like a funeral.” Nepo-baby David Ellison, bankrolled by his father who’s one of the richest men in the world and a major Trump suck-up and donor (and is in the Epstein Files), is on the verge of taking over the company that owns the news network.

On Monday, California Attorney General Rob Bonta and a group of Democratic state attorneys general rolled over and agreed to stop trying to block the $111 billion takover of Warner Bros. Discovery, now to be almost 50% funded by right-wing dictatorships in the Middle East who’ve given billions in gifts, loans, and investments to President Donald Trump and his family.

California Gov. and presidential hopeful Gavin Newsom hailed the agreement, saying it would both protect California jobs and preserve CNN’s “editorial independence.”

First the strongman’s friends acquire the newsrooms, then the coverage softens, then the elections start experiencing “anomalies,” and by the time most people notice, there’s nobody left on the air to expose the oligarchs and fascists.

If you believe that, I’ve got a bridge for you in Brooklyn.

As The Lever reported Tuesday, the fine print tells the entire story.

Going forward, CNN and CBS will be overseen by an “editorial independence board” composed of people hand-picked by the Ellisons and their agents. When Rupert Murdoch took over The Wall Street Journal from the Bancroft family back in 2007, he ran the same scam, as CBS News then reported:

As part of the deal package that cemented Rupert Murdoch's longstanding effort to acquire Wall Street Journal publisher Dow Jones & Co., the two sides agreed to create an editorial board that would act as a buffer between the media mogul and the newspaper…

That worked out real well, right?

There are also squishy promises for movies and jobs that are not backed up with any meaningful enforcement mechanism, and all of Ellison’s commitments can be set aside via a force majeure clause that lets Paramount off the hook in the event of “strikes, labor disruptions, [or] economic recessions.” So, all Trump has to do is extend the Iran War another few months to crash our economy, and the oligarchs are free to do what they want!

And if that doesn’t happen, there’s still the sunset clause that ends all their commitments in five years. Lee Hepner of the American Economic Liberties Project called it “a countdown to a cliff.”

These are the same billionaires who handed Trump a check for $16 million to “settle” a frivolous lawsuit against "60 Minutes," then cancelled Stephen Colbert’s show days after he referenced that as a “big fat bribe,” then reportedly offered the Trump White House up to $20 million in free “public service announcements” and installed a Trump-humping “ombudsman” at CBS News to police “bias” at the network.

And the Federal Communications Commission (FCC), run by Trump’s favorite brown-noser Brendan Carr, has blessed Saudi Arabia, the UAE, and Qatar taking a 49.5% equity state in the new entity that will control 2 of the 3 most important news networks in America.

Don’t expect any future analysis of Saudi involvement in 9/11, critical exploration of what Trump gave up in exchange for a $400 million 747 jet, or the billions that have gone to Jared Kushner and the Trump boys, Uday and Qusay.

Because of momentous decisions made by Presidents Ronald Reagan and Bill Clinton, freedom of the press in America is now as much an economic issue as a political one. As I laid out in The Hidden History of Monopolies (with a foreword by Ralph Nader), when Reagan came into office 90% of the American media landscape was scattered among over 50 companies; now a mere five conglomerates dominate that 90% of the media Americans consume.

Reagan stopped enforcing the Sherman Anti-Trust Act (and others) in 1983, leading to the “M&A Mania” of mergers and acquisitions that characterized the late 1980s and 1990s. As a result, there’s not a single major industry in America that’s not dominated by a handful of companies that generally behave like cartels, and the average American family pays an annual “monopoly tax”—in additional costs for pretty much everything—of around $5,000, according to economist Thomas Philippon.

Cell phone service that costs $15 a month in France or $12 a month in Australia bills out at an average of $61.85 per month in the United States. High-speed broadband that’s a bit over $31 a month in France or $36 in Germany (for higher speeds and better reliability than almost anywhere in the United States) averages nearly $70 per month in the US.

Similar metrics are found with pharmaceuticals, airfares, and medical costs, among dozens of other product and service categories.

But it’s most deadly to democracy when it comes to the media.

Since Bill Clinton signed the Telecommunications Act of 1996—which eliminated most of the rules about how many outlets one family or company could own—oligarchic monopoly of the media has spread its cancerous tentacles into politics, as well, destroying the ability of government to make policy that allows free people to make their own decisions about their own lives.

As Teddy Roosevelt, the great trust buster, said:

There can be no effective control of corporations while their political activity remains. To put an end to it will be neither a short nor an easy task...

And as Adam Smith wrote, in Wealth of Nations,

...the monopoly which our manufacturers have obtained... like an overgrown standing army, they have become formidable to the government, and upon many occasions intimidate the legislature.

And this is no small project by billionaires who explicitly distrust democracy and want complete control over America and her people. I’ve seen how this works up-close and personal when a Republican billionaire came after a media business I helped start.

In 2003, Louise and I had sold our last business and were retired in Vermont; that Thanksgiving, we drove to Michigan to visit my family for the holidays and all the way there I kept tuning across the radio dial looking for an intelligent conversation to occupy my mind while driving. In city after city, all I could find was Sean Hannity.

The outcome of that trip was my writing the initial business plan for Air America Radio and starting the radio show I’m still hosting 23 years later as a “proof of concept.” We were leasing stations from Clear Channel and reached over 90% of America; many credited Barack Obama’s 2008 victory to our being on the air.

So, of course, billionaire Mitt Romney—with an eye to running for president in 2012—had his company Bain Capital buy up all of the Clear Channel radio stations and,........

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