This is the same argument from when Sirius and XM radio merged. It didn't matter that they were monopolizing satellite radio because the real competition was terrestrial radio and internet radio.
"Actually we're really David and we need to band together against Goliath." Points at imagined external threat
The part that's wild to me is that we know that this merger extends to politics and control over media. The IP's, studios, franchises, all the actual businesses are just part of the estate. It's the Hearst Media Empire story retold again.