Joe Biden‘s antitrust actions against Apple, Microsoft, and Meta are backfiring in the heated presidential race against Donald Trump. Warner Bros. Discovery WBD CEO David Zaslav has expressed his preference for a business-friendly president at the Sun Valley media and tech conference on Tuesday.
What Happened: Zaslav, while attending the annual Sun Valley Conference, did not endorse any specific political party or candidate. Instead, he highlighted the importance of a president who would support businesses in their consolidation, deregulation, and operational improvement efforts.
“We just need an opportunity for deregulation, so companies can consolidate and do what we need to to be even better,” Zaslav told Bloomberg.
His comments come at a time when several notable figures in the entertainment industry, including George Clooney and Netflix co-founder Reed Hastings, are urging President Biden to step aside for another Democratic nominee.
Biden’s Policies Biting Back
Zaslav comments are perceived as a reaction to President Biden’s antitrust policies, which have been closely examining and in some cases, preventing major mergers and acquisitions.
In 2021, President Biden signed an executive order in July aimed at limiting corporate dominance and making American businesses more competitive.
These actions have led to increased scrutiny and, in some instances, the blocking of significant mergers and acquisitions. Notable examples include Microsoft’s $69 billion acquisition of Activision, which ultimately succeeded, Adobe’s $20 billion bid for Figma that fell through, and Meta’s $400 million purchase of VR company Within, which also went through.
Warner Bros. Discovery M&A Ambitions
Zaslav comments come at a critical time for Warner Bros. Discovery, which has been frequently mentioned as a potential M&A target. The end of its two-year Reverse Morris Trust lockup period in April has further fueled these speculations.
John Malone, a billionaire investor and a significant supporter of Zaslav, has long advocated for consolidation. The duo has previously expressed interest in acquisitions, hinting at a potential deal with Paramount last year.
Biden Vs. Trump: After Biden’s lackluster performance during the debate, Trump’s bid for a second term in office has gained steam.
According to a poll conducted by Emerson College between June 30 and July 2, Trump received 9.4% more votes than Biden in all the states put together. The poll found that Vice President Kamala Harris has a better chance against Trump as she led the latter by a 42%-41% margin.
This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Image via MidJourney
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