The $111 billion acquisition of Warner Bros. Discovery by Paramount Skydance has cleared its most significant regulatory threshold. According to The Hollywood Reporter, the U.S. Department of Justice signed off on the deal in June, finding no need for divestitures or behavioral remedies. The DOJ determined the merger would "increase competition across the media and entertainment ecosystem."
Regulators across more than a dozen countries have now approved the transaction. China, South Africa, Saudi Arabia, Ukraine, Serbia, and North Macedonia found no antitrust violations. Foreign investment authorities in Germany, Italy, France, Romania, Slovenia, Belgium, Czechia, New Zealand, and Spain also cleared the deal. The European Commission is expected to grant its approval ahead of an upcoming deadline, subject to one condition: Paramount must exit its joint venture with Universal Pictures to address international film distribution concerns.
If completed, the merger would combine Paramount's library, including Mission: Impossible, Top Gun, and the Sonic franchise, with Warner Bros. Discovery's holdings: Game of Thrones, Harry Potter, DC, and CNN. The merged company, led by Paramount Skydance chairman and CEO David Ellison, would become the largest theatrical distributor in the United States.
One obstacle remains. A coalition of eight states, including California and New York, has signaled plans to file a legal challenge within one month to block the deal on antitrust grounds.