Paramount-Warner Bros $110 Billion Deal Faces EU Subsidy Review, Decision Due July 14
The U.S. Department of Justice approved Paramount Skydance's roughly $111 billion acquisition of Warner Bros. Discovery on Friday, concluding an eight-month antitrust review with no required divestitures or conditions. The DOJ found the deal unlikely to harm competition in streaming, traditional television, or theatrical film, and said it would likely increase competition across the media ecosystem. The merger still faces potential lawsuits from California and other states, ongoing EU and UK regulatory reviews, and a pending FCC decision on foreign investment.
After reviewing more than two million documents from 80 sources over eight months, the DOJ's Antitrust Division determined that Paramount Skydance's acquisition of Warner Bros. Discovery poses no threat to competition or consumers across streaming, linear television, or film production and distribution, and cleared the deal without demanding any concessions. The combined company would unite Paramount Pictures, CBS, Paramount+, and Showtime with Warner Bros. Pictures, HBO Max, CNN, TBS, TNT, and DC Studios, creating one of Hollywood's most powerful media conglomerates. Despite the federal green light, California Attorney General Rob Bonta confirmed his office's investigation remains active, and California, New York, and other states are reportedly preparing a lawsuit to block the deal. Internationally, the UK's Competition and Markets Authority opened a formal Phase 1 probe with an August 7 deadline, while the European Commission is conducting both a standard merger review (deadline July 7) and a separate Foreign Subsidies Regulation inquiry (deadline July 14) into roughly $24 billion in backing from Saudi Arabia's Public Investment Fund, Qatar Investment Authority, and Abu Dhabi's L'IMAD Holding. The FCC has also yet to rule on a petition to allow foreign investors to hold nearly half the combined company's equity. The deal has drawn opposition from more than 1,400 Hollywood actors, directors, and writers, and criticism from Democratic lawmakers including Sen. Elizabeth Warren, while Paramount argues the merger will strengthen its ability to compete against streaming giants like Netflix and Disney.
What's missing
The specific legal theories California and other states plan to use in their anticipated lawsuit have not been publicly disclosed.
How coverage differed
Left-leaning outlets such as NPR, BBC, and NBC News gave prominent space to political concerns — including David Ellison's family ties to Trump, changes at CBS News, and fears about editorial independence at CNN — while right-leaning outlets like the Daily Wire and Washington Examiner framed Democratic opposition as partisan and emphasized the deal's pro-competitive rationale, with Breitbart characterizing critics like Sen. Warren as 'apoplectic.'
What different sources said
- NBC NewsLeft
E.U. reviewing Paramount-Warner merger over Middle Eastern wealth funds’ backing
- UPICenter
EU investigates Paramount-WBD merger for Middle Eastern investment
- The Hollywood ReporterCenter
Foreign Investments in Paramount-Warner Bros. Deal Under Review by European Union
- Yahoo FinanceCenter
Warner Bros Stock Hits 3-Month Low. The Paramount Merger Spread Is Too Good to Pass Up.
- Channel NewsAsiaCenter
Paramount, Warner Bros deal under EU subsidy scrutiny, decision due July 14
- VarietyCenter
EU Kicks Off Probe of Paramount’s $24 Billion in Middle Eastern Funding for Warner Bros. Deal
- Yahoo FinanceCenter
Paramount Skydance Deal for Warner Bros Discovery Enters EU Foreign Subsidy Review
- DeadlineCenter
EU To Examine Paramount’s $24 Billion Middle Eastern Backing For Warner Bros. Deal
- BloombergCenter
Paramount’s $110 Billion Warner Takeover Investigated by UK
- EngadgetCenter
The UK is investigating Paramount's takeover of Warner Bros. Discovery
UK watchdog to look at Paramount’s $110bn takeover of Warner Bros Discovery
- CNBCCenter
Paramount-WBD merger wins approval from DOJ, source says
- BBCCenter
Warner Bros $111bn sale to Paramount approved by US Justice Department
- Sky News USCenter
Paramount takeover of Warner Bros 'won't harm competition or consumers'
- ABC AustraliaCenter
Paramount approved to buy Warner Bros. How did we get here?
- The HinduCenter
U.S. Justice Department clears Paramount's acquisition of Warner Bros
- Times of IsraelCenter
US approves Paramount-Warner Bros. $110 billion merger, as state lawsuits loom
- The HillCenter
Justice Department approves Paramount bid to acquire Warner Bros.
- PolygonCenter
Paramount-Warner Bros. merger creeps forward as US regulators approve
- Business InsiderLeft
David Ellison's Paramount just got the DOJ's permission to buy WBD
- PoliticoLeft
Justice Department approves Paramount’s acquisition of Warner Bros.
Justice Dept. Clears Way for Paramount-Warner Bros. Merger
- BBC Top StoriesCenter
Warner Bros $111bn sale to Paramount approved by US Justice Department
- CBS NewsCenter
DOJ clears way for Paramount Skydance to buy Warner Bros. Discovery
- Global News CanadaCenter
U.S. DOJ clears Paramount Skydance’s planned acquisition of Warner Bros.
- New York PostRight
DOJ signs off on $111B Paramount takeover of Warner Bros. Discovery
- NPR NewsLeft
Justice Dept. approves Paramount's acquisition of Warner Bros. Discovery
- ABC NewsCenter
DOJ signs off on Paramount's acquisition of Warner Bros. Discovery
- Daily WireRight
Paramount-Warner Bros. Merger Clears Major Hurdle
Justice Department approves Paramount’s deal to buy Warner Bros.
- The IndependentLeft
Justice Department approves Paramount’s acquisition of Warner Bros
- ForbesCenter
Justice Department Greenlights Paramount-Warner Bros Merger With No Conditions
- Deutsche WelleCenter
US clears Paramount's mammoth Warner Bros merger
- BreitbartFar Right
Report: Paramount Merger with Warner Bros Wins Depart. of Justice Approval
- Washington ExaminerRight
DOJ greenlights Warner Bros. merger with Paramount
- The Straits TimesCenter
US Justice Department clears Paramount’s acquisition of Warner Bros
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