Buying the Past Won’t Control the Future
Media consolidation, public debt, and why Ohio’s marijuana fight was inevitable.
Hey everybody. This is my weekend post where I look back at the news of the week, pull out a few stories I think matter, and give you my quick summaries and opinions. My goal is not to tell you what to think, but to offer a different angle you might not have considered.
Before we get into it, I want to say thank you. I received more responses to my last newsletter on crime than almost anything I have written. Over a dozen direct emails and several thoughtful comments. About ninety percent were substantive and respectful, and I appreciate that.
The most common criticism was that I did not focus on guns and gun violence. That omission was intentional. Not because guns do not matter, but because the conversation often stops there. Once guns are mentioned, everything else gets crowded out. Wealth disparities, education, transportation, housing stability, food security, mental health, and community investment all disappear. I wanted to have a broader conversation.
A dedicated post on guns and the Second Amendment will come later.
Now, onto the stories.
Netflix, Paramount, Warner Bros., and the Consolidation of Media Power
The biggest story that caught my attention this week was the reported bidding activity around Warner Bros. Discovery and its media assets.
Reports indicate that Netflix explored a potential acquisition or major transaction involving Warner Bros. Discovery’s studio and streaming businesses, including HBO, with valuations discussed in the range of roughly $83 billion. While no finalized agreement has been announced, the reporting signaled serious interest and highlighted how valuable legacy media assets still appear on paper.
Shortly after those reports, Paramount Global was linked to a hostile counter-bid in the range of $108 billion. What makes the Paramount side of this particularly interesting is not just the price, but the political and financial proximity of the people involved. Larry Ellison, a major Trump donor, has been widely reported as a key figure connected to Paramount’s strategic direction. In parallel, Jared Kushner’s private equity firm, Affinity Partners, has been reported as participating in or facilitating financing tied to Middle Eastern sovereign wealth capital. These are not neutral or apolitical actors. These are individuals and entities deeply embedded in global finance and political power.
I have said this consistently and I will continue to say it. If you want to understand where money and influence are moving in this era, you look at Trump adjacent individuals and institutions. Proximity to power matters. Political access matters. Regulatory discretion matters. And there is a clear pattern of capital flowing through networks that sit close to the executive branch and its allies. That does not require conspiracy.
At the same time, I am not convinced this strategy guarantees cultural relevance or influence.
Legacy media is losing its grip on younger generations. Kids and teenagers are not waiting for HBO premieres. They are consuming short form vertical video, livestreams, creator driven platforms, and algorithm curated content. Even adults increasingly multitask through movies and scripted television with a phone in their hand. Attention has fractured. The market has shifted.
Owning legacy intellectual property does not automatically translate into influence over the next generation. Nostalgia still has value, especially for people my age, but nostalgia alone does not build cultural dominance going forward.
This deal, if it moves forward in any form, may consolidate ownership and wealth. Whether it consolidates influence is far less certain. Cultural power today is earned differently than it was twenty years ago, and buying the past does not guarantee control of the future.
Cuyahoga County Debt
Another thing that hit my radar this week is Cuyahoga County’s debt picture and the sheer number of large projects coming down the pipe.
Cuyahoga County is carrying about $1.5 billion in long term debt. It is still big enough to matter. It is still big enough to constrain services.
The bigger point is not the exact debt number. The point is the trajectory. You have major capital projects stacking up on top of each other, at a time when budgets are already tight and social services are already taking hits.
The new jail campus is priced around $890 million right now, and county officials have openly said final construction pricing is not locked yet. I do not care what anyone tells you. These projects almost never come in under budget. Inflation, procurement, and change orders are real. If you want to be honest, you should assume it ends up higher than the current figure.
Then you have the Browns situation, and all the connected infrastructure conversations. Then you have big institutional funding pressures across the region, including public health systems and hospital networks trying to plug holes.
My core concern is simple. Debt on the books is not automatically bad. Debt can be strategic.
But a growing pile of long term obligations, combined with a horizon full of new obligations, without a clear plan for what gets cut, what gets funded, and how the county stabilizes the finances long term, is a recipe for the same thing we always do. We pretend the bill does not exist until the bill shows up, and then we act shocked that we have to cut services that real people rely on.
Ohio Marijuana: What the Legislature Is Actually Doing, and What I Think About It
When Ohio voters passed marijuana legalization, they passed a statutory resolution, not a constitutional amendment. That distinction matters, even if people do not like hearing it. A statute can be rewritten, adjusted, or constrained by the legislature. A constitutional amendment cannot be touched without another vote of the people.
I voted against the resolution for that exact reason. Not because I oppose legalization, but because I knew, with full clarity, that vague language would invite legislative intervention. That is not hindsight. That was obvious at the time.
Now that the legislature has acted, people are acting shocked. They should not be.
Here is what is actually in the bill, point by point, and what I think about each provision.
Ban on intoxicating hemp products outside licensed dispensaries
This provision would restrict intoxicating hemp-derived products, such as delta-8 and similar THC variants, to state-licensed marijuana dispensaries instead of gas stations and convenience stores.
I do not have a problem with this. Ohio already requires licensing and oversight for intoxicating substances like alcohol. You cannot sell vodka without a license. The idea that THC products should be sold with no meaningful regulation never made sense, especially when many of these products are packaged to look like candy and are easily accessible to minors.
THC caps on marijuana flower
The bill caps THC concentration in flower at thirty five percent.
I do not see this as unreasonable. Modern marijuana is significantly stronger than it was decades ago. This is not prohibition. This is basic consumer safety and standardization.
THC caps on concentrates and extracts
The bill caps THC concentration in extracts at seventy percent.
Again, this is not outrageous. Highly concentrated products can create serious health risks, especially for inexperienced users. I do not view this as government overreach.
Ban on importing marijuana from other states
This provision makes it illegal under Ohio law to possess recreational marijuana purchased out of state, even if it was legally purchased elsewhere.
This is one of the worst parts of the bill. It criminalizes behavior that is otherwise legal solely to protect in state distribution monopolies. This is regulatory capture, not public safety. It turns ordinary people into criminals for crossing a state line with a legal product. This provision should be removed.
Requirement that marijuana remain in original packaging
Recreational marijuana must stay in its original, labeled packaging.
I have no issue with this. Alcohol, pharmaceuticals, and tobacco are all sold this way. Transparency matters. Consumers should know what they are buying.
Prohibition on public consumption
Public consumption, particularly smoking, is prohibited.
I strongly support this. I do not want to walk through clouds of weed smoke on public streets. I do not want children exposed to it. I do not want drivers smoking in cars. Legalization does not mean public nuisance is acceptable.
Home grow limits maintained
The bill maintains the existing home grow limits of six plants per adult and twelve per household.
Nothing changed here. No issue.
Advertising restrictions to protect minors
The bill restricts marketing and sales practices for intoxicating hemp products that appeal to minors.
This should have been in the original resolution. Marijuana does not need to be marketed like beer commercials with sex appeal and lifestyle imagery. If people want it, they will find it.
Mandatory child resistant packaging
Products must use child resistant packaging and clear labeling.
This is basic safety. We require it for over the counter medicine. Gummies are especially dangerous for children.
Product testing and safety standards
All products must meet testing requirements for potency, contaminants, and safety.
This is non controversial. People should know what they are consuming.
Expanded licensing requirements
The bill adds licensing and compliance requirements around intoxicating hemp products by confining them to licensed marijuana dispensaries.
This is where I start to worry. Licensing can quickly become a barrier that favors large operators with lawyers and capital. If this gets too onerous, it will crush small businesses.
Background checks for license holders
License holders are subject to background checks.
This depends on how narrowly it is applied. I do not support vague or overly punitive exclusions that permanently block people from participating in a legal industry.
Penalties for non compliance
The bill establishes penalties for violations of the regulatory framework.
This needs careful scrutiny. Enforcement should focus on safety and fraud, not turning technical mistakes into criminal acts.
Track and trace supply chain monitoring
Ohio’s regulated marijuana system uses seed to sale tracking, and this framework continues.
This is common in regulated industries. Alcohol and pharmaceuticals already do this. The concern is cost and complexity, not the concept itself.
Local opt out authority for dispensaries
Adult use sales run through existing licensed dispensaries, and local governments still retain their usual zoning and permitting leverage, but this bill does not clearly create a new blanket local opt out system. If you want your local government to do something different then vote for different mayors and city council members.
Tax revenue allocation to host communities
Local governments that host dispensaries receive a share of the recreational marijuana tax revenue through the host community fund structure.
I need more transparency on how this is structured, but the concept itself makes sense.
Regulatory review and future adjustments
The framework includes mechanisms for future regulatory review. Fine, as long as it does not become an excuse for endless restriction.
The Real Problems Are Clear
Most of these provisions are not insane. Many are common sense. The real issues are these:
One, making the industry so complex that only large corporations can survive.
Two, criminalizing cross border possession for seemingly protectionist reasons.
Three, pretending voters approved something more permanent than they actually did.
People wanted legalization. They got legalization. What they did not get was immunity from legislative meddling because they chose speed over structure.
This outcome was predictable. And pretending otherwise is dishonest.
If we want durable policy, we need constitutional clarity.
That is the lesson here.
A Final Note
Those are my thoughts from the week. If you disagree with any of these takes please - Reply. Disagree. Yell at me if you want. That is how this is supposed to work.
Matt Diemer is an ANGRY DEMOCRAT. Support him by becoming a paid subscriber and sharing his newsletters.
I appreciate how concisely you laid out the marijuana legalization issues! It can be confusing and your explanation was very good.