During a Tuesday segment on CBS’ "The Late Show," host Stephen Colbert invited Sanders to define the term that has become central to his political rhetoric, and, according to Fox News, the Vermont independent promptly turned his fire on the very platform hosting him. "An oligarchy is a nation where a small number of incredibly wealthy people control the economy, control media," Sanders said, before adding pointedly, "We have some experience with that right here on CBS."
Sanders then broadened his critique to the state of the U.S. economy, insisting that modern America is defined by unprecedented disparities in wealth and power. As he put it, "we have more income and wealth inequality than we’ve ever had in the history of America."
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He framed the imbalance in stark terms, invoking familiar progressive talking points about the top 1 percent. "You’ve got the top 1% owning more wealth than the bottom 93%," Sanders claimed, adding, "One man, Mr. Musk, one man, owning more wealth than the bottom 52% of American households. All right? And then you have a political system, all right? These guys not only want to control the economy, they want to control the political system."
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From there, Sanders pivoted to a familiar target on the left: the Supreme Court’s Citizens United ruling, which expanded political speech protections for corporations and unions but has long been demonized by progressives. "So you have a corrupt political system as the result of this disastrous Citizens United Supreme Court decision, so that billionaires like Mr. Musk can spend $270 million to elect Trump," he continued.
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To his credit, Sanders did not spare wealthy donors on his own side of the aisle, acknowledging that "Democratic billionaires" also participate in the big-money political ecosystem he condemns. He then circled back to media consolidation, arguing that ownership patterns in news and tech are feeding the oligarchic structure he describes.
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"So you add ownership of media, which is becoming more and more concentrated — right-wing people buying media, owning social media," he lamented, singling out X CEO Elon Musk and Meta CEO Mark Zuckerberg as examples of tech titans with outsized influence. In his view, their control over digital platforms is part of a broader pattern of elite dominance.
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Sanders also pointed to the recent corporate reshuffling at CBS and its parent company as evidence of the trend he fears. "Ellison now owns Paramount and CBS," Sanders continued. "You add all those things up, what you add end up with a really small number of people with incredible wealth and incredible power. Stephen, that is what oligarchy is about."
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Colbert, whose show airs on the network Sanders had just criticized, did not push back on the senator’s characterization of CBS or its ownership. Instead, he amplified Sanders’ warning, telling viewers that what the senator described "goes together with authoritarianism as like the chocolate and peanut butter of terrible ideas."
CBS, Musk and Zuckerberg did not immediately respond to requests for comment from Fox News Digital, leaving Sanders’ sweeping accusations unchallenged by those he named. Their silence comes amid broader scrutiny of the network’s corporate dealings and its relationship with the current administration.
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Last year’s acquisition of CBS and Paramount by Skydance Media, led by David Ellison, son of billionaire Oracle founder and Trump ally Larry Ellison, drew sharp criticism from both Colbert and Sanders. Their objections intensified after a controversial legal settlement involving President Donald Trump and Paramount, CBS’s parent company.
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Prior to the Skydance merger, Paramount agreed on July 1, 2025, to pay President Donald Trump $16 million to resolve his election interference lawsuit over the network’s editing of a "60 Minutes" interview with former Vice President Kamala Harris. Colbert blasted the deal on air, saying, "I believe this kind of complicated financial settlement with a sitting government official has a technical name in legal circles. It’s a ‘big fat bribe,’ because it all comes as Paramount’s owners are trying to get the Trump administration to approve the sale of our network to a new owner, Skydance!"
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The settlement reportedly infuriated CBS staffers and triggered a wave of condemnation from media watchdogs, journalism advocacy organizations, liberal commentators and Democratic lawmakers who typically champion corporate media. Their outrage underscored the deep discomfort on the left with any appearance of corporate coziness with a Trump-led administration.
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Sanders issued a blistering statement at the time, warning that the arrangement sets an "extremely dangerous precedent in terms of both the First Amendment and government extortion," while Sen. Ron Wyden, D-Ore., accused Paramount of taking a "bribe" and threatened future federal charges.
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Even as progressives rail against corporate power and conservative influence in media, their own internal conflicts over money, mergers and political leverage reveal a broader crisis of trust in legacy outlets that claim neutrality while operating inside the very system they denounce.
