If CBS were headed by someone with gumption and less willingness to kowtow to the government, they could resist this pressure and still be fine. Worst case scenario, a merger would get rejected and they would be targeted by some spurious lawsuits. Going out of business is not a realistic risk.
What is a risk, however, is non-optimal shareholder value. We live in a world where the stock price is more important than anything else, including doing the right thing.
For CVS the stock price isn't the driver. It's owned to 77% by the Ellison family, who certainly want to make a buck, but also want political influence and control.
How is CBS a victim here? They have shown by their actions (Bari Weiss, the 60 Minutes neutering, etc) they are fully backing what Larry Ellison and Sons want them to pump out. This isn't victim blaming, it's pointing out a complicit conspirator.
If you give in and comply without a fight, are you actually a victim or are you actually a collaborator? CBS is controlled by Ellison, which makes this look a lot like collaboration.
If CBS were headed by someone with gumption and less willingness to kowtow to the government, they could resist this pressure and still be fine. Worst case scenario, a merger would get rejected and they would be targeted by some spurious lawsuits. Going out of business is not a realistic risk.
What is a risk, however, is non-optimal shareholder value. We live in a world where the stock price is more important than anything else, including doing the right thing.