Sen. Elizabeth Warren (D-MA) said Paramount Skydance's (PSKY) hostile bid for Warner Bros. Discovery (WBD) is a "five-alarm antitrust fire." “A Paramount Skydance-Warner Bros. merger would be a five-alarm antitrust fire and exactly what our anti-monopoly laws are written to prevent,

Paramount on Monday launched an all-cash tender offer to acquire Warner Bros. Discovery, the Hollywood giant that also owns CNN, in a challenge to Netflix's own highly contested deal.

Hollywood unions have voiced concerns about increased market concentration, reduced film output and the potential for higher consumer costs.