The Justice Department launched an investigation into whether television networks violated antitrust law by deciding among themselves who gets to film the President talking. The Sherman Act, passed in 1890 to break up oil monopolies and rail cartels, now determines whether NBC and CBS colluded on camera placement.
The White House press pool operates like a carpool for journalists who can't all fit in the same room. Networks take turns. They share footage. This arrangement, which has existed for decades without incident, apparently constitutes restraint of trade. Standard Oil controlled 90% of America's refining capacity. The press pool controls 100% of the folding chairs.
The investigation hinges on whether competitors agreed not to compete. They did. Explicitly. That was the entire point. You can't fit forty camera crews in a room built for twelve, so they worked it out like adults. The Justice Department believes this coordination violated federal law designed to prevent price-fixing and market allocation. The market being allocated: standing room near a podium.
Retail traders hearing this news immediately checked if there's a Press Pool ETF they can short. There isn't. They'll lose money some other way.
The DOJ statement mentioned ongoing review of competitive practices. No charges filed yet. No networks named. Just a vague threat that sharing video footage might land you in the same legal framework as the Rockefellers. If the case proceeds, discovery will be incredible. Lawyers will depose CNN about why they didn't outbid Fox for the second row. Economists will testify about barriers to entry in the market for filming a guy at a lectern.
The escalation suggests someone in the White House got mad about coverage and found a creative lawyer. That lawyer found the Sherman Act. Now we're here, pretending journalism is a commodity market and camera pools are a f*cking cartel.
Photo by Isabella SP on Unsplash
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