So I'd started writing a response to this, but it got a bit long and abstract and it was a work day, so I kind of left it, but an article dropped into my lap today which was almost too perfect as a demonstration of what I was trying to get to:
https://www.nytimes.com/2025/01/30/business/media/paramount-...
FTA:
> Now Mr. Trump is back in the White House, and many executives at CBS’s parent company, Paramount, believe that settling the lawsuit would increase the odds that the Trump administration does not block or delay their planned multibillion-dollar merger with another company, according to several people with knowledge of the matter.
In general, if an incoming administration signals a change in regulatory priorities or interpretation, and that causes businesses broadly to adjust their business plans, I think that's a reasonable reflection, after a relatively long chain and with all the caveats of the US electoral system, of the "people's will" as expressed in governance after an election. Lina Khan indicated that the FTC was going to take a much closer look at mergers with a renewed eye towards competition, not just consumer wellbeing, and that broadly changed the math on whether companies expected their mergers to go through. That's what I would expect - that's the point of government and regulation here, and the change in those priorities following an election fits broadly into "the government as the people's tool for constraining powerful actors."
However, a company changing its policies or plans specifically because it is concerned about the whims and wills of the president - in other words, companies specifically attempting to curry personal favor with the president to get better treatment - is not that. If Paramount was worried that recent changes to the law or changes to how the FCC or FTC interpreted regulations affected their chances of winning the lawsuit or getting the merger through in the same way that, say, NBC would be worried about it, that's normal. Paramount is worried that the president is angry at them and they are going to be specifically targeted, and so they're going to give the president a large cash settlement so he'll instruct the FTC to let them complete their merger. That's not normal - or at least, it's not good.