Britain Clears Paramount's $110 Billion Warner Bros Acquisition

The UK's Competition and Markets Authority (CMA) has cleared Paramount Skydance's PSKY $110 billion acquisition of Warner Bros. Discovery WBD, removing one of the last major regulatory hurdles to the deal.

The CMA concluded the merger would not substantially lessen competition in the UK, noting Paramount Skydance would still face rivals including Disney, Universal and Sony after the deal closes. Approval came with legally binding, five-year commitments: Channel 5 stays a public service broadcaster, its news operations remain editorially separate from CBS News and CNN International, and UK content commissioning is protected.

The UK clearance follows sign-off from the US, the European Commission, and dozens of other jurisdictions, with more than 60 regulators now having cleared or declined to challenge the transaction on competition grounds.

The most significant remaining obstacle is litigation from a group of US states, led by California, seeking to block the merger, so the deal's ultimate closing date is not yet certain. Investors and media industry watchers will be tracking how that litigation resolves, along with any integration or job-related announcements once, and if, the transaction closes.