When the FCC approved the Paramount-Skydance merger Thursday, one commissioner blasted the decision, calling it an act of “ cowardly capitulation ” on behalf of Paramount and warning that this could lead to a further “erosion of our First Amendment protections.”

CBS may be just the beginning. "President Trump is fundamentally reshaping the media landscape," FCC Chair Brendan Carr told CNBC Friday. "The media industry across this country needs a course correction.