What a second Trump presidential term means for media and advertising

Marketers are about to face a steep uphill climb. Trump’s polling support reflects a pivotal moment in the culture wars, with conservatives rallying against issues like transgender visibility and abortion rights. CMOs, eager to boost their own brand value, have waded into these contentious debates, convinced that mainstreaming these topics could elevate their market presence. Sometimes it worked, often it didn’t — just ask the marketers at Bud Light.

As they look to the future, CMOs will need to tread even more carefully. Whether you call it “woke-washing” or a genuine commitment to raising important issues, this trend isn’t going anywhere. It’s only going to grow. After all, capitalism has a knack for adapting: as younger generations increasingly feel alienated by the economic, social and political systems that uphold society, bit businesses tapping into their ideals remains a shrewd strategy.

But it’s a double edged sword. Trump has vowed to wage war on so-called woke culture if he regains the White House, promising to wield federal power to reshape education, healthcare and policing. To gauge the impact of that war on advertising, keep a close eye on Trump ally and X owner Elon Musk and his lawsuit against the World Federation of Advertisers. The implications could be telling.

News media

Since Trump’s 2016 bid, his relationship with the media has been a chaotic mix of synergy and strife. His controversial antics drew massive traffic to news outlets but at a cost.

Trump’s attacks — branding the press as “fake news” and an “enemy of the people” — have eroded public trust and stifled journalistic integrity. His administration’s efforts to delegitimize critical reporting raised serious alarms about democracy itself.

Now, emboldened by his recent victory, Trump is set to intensify this assault. He’s demonstrated a knack for controlling narratives through intimidation. Last year, he promised to bring agencies like the FCC and FTC “back under presidential authority,” threatening their independence. 

Already, he’s pressuring regulators to scrutinize media mergers, notably pushing the Justice Department to investigate AT&T’s acquisition of Time Warner. Expect more of this narrative shaping as he continues his campaign against the press. 

Platforms

Like news media, Trump’s relationship with platforms like Alphabet and Meta has been tempestuous at best. In September, he threatened to prosecute Google for showing “bad stories” about him. Weeks later, he claimed that Google was treating him “much better.” He even suggested the possibility of not breaking up Google, which the Biden administration’s Department of Justice is trying to do.

But Trump is nothing if not capricious. 

What he said on his way to the White House may not reflect what he does while in it. His vice president J.D. Vance has publicly backed Federal Trade Commission head Lina Khan’s efforts to rein in big tech, which he claims “monopolizes” what Americans can say. The extent of Vance’s influence over Trump could be one of the more consequential dynamics of the incoming administration’s tenure. 

Regardless of Vance’s sway, Khan and her counterpart at the Department of Justice Jonathan Kanter are Democratic appointees and their futures remain uncertain because of it. 

Which is to say the future of life under Trump is far from clear. While his previous term led to significant deregulation for these businesses, and its true that the platforms have tried to appease him over the past year, it would be naive to assume that everything will be smooth sailing from here on out. 

One platform (aside from Musk-owned X, of course) that will likely be breathing a sigh of relief at Trump’s win is TikTok. Four years after being its biggest threat, he now appears to be its only hope for survival in the U.S. He has indicated he would not ban the short-form video app, which under new legislation, must cut ties with its Chinese owner, ByteDance, by January. Still, blocking the enforcement of that law won’t be easy; Trump may need to prevent the DOJ from acting on it.

Generative AI

Speaking of tech, AI is in line to be one of the most affected areas under a second Trump administration, particularly regarding its commercialization. Trump has already vowed to repeal President Joe Biden’s executive order on AI, which promotes governance, competition and safety measures. 

He and his team have argued that rolling back these regulations will spark innovation rooted in free speech and progress, emphasizing AI’s economic potential over societal risks. 

This more hands-off approach could also boost investment in AI startups and technologies, and Trump might even tweak immigration policies to attract tech talent despite his historically tough stance on H-1B visas. 

While this could accelerate the commercialization of AI, it also raises concerns about safety and ethics. The influence of AI entrepreneurs and venture capitalists could push for less regulations and more market-driven policies. 

M&A

When examining dealmaking in the context of marketing and advertising, the early consensus suggests that Trump is unlikely to create much of a stir — at least for now. This outlook was a key takeaway from the recent MadTech Money conference. His views on abortion, immigration and the economy are not expected to change how businesses approach a landscape with fewer third-party cookies. 

Dealmaking execs tend to view these shifts simply: changes in administration often have substantial downstream effects on deals, but by the time those impacts are felt, there’s little that can be done to adapt. Consequently, they typically spend minimal time considering the political implications of their plans, preferring instead to focus on shifts quarter by quarter.

The long-term outlook for deals, however, is considerably less certain. This uncertainty stems not from Trump’s promises of lower corporate taxes and reduced regulation, but from the potential for policy unpredictability, trade wars, protectionism and inflationary pressures — all of which will inevitably weigh on the flow of mergers and acquisitions.