UK clears Paramount’s takeover of Warner Bros
The UK government and the antitrust watchdog both cleared the US$110 billion deal after initially raising concerns over media plurality and competition, respectively.
On Thursday, the UK government approved the US$110 billion takeover of Warner Bros Discovery by Paramount Skydance, clearing the way for the media giant's formation. However, the deal still faces a final hurdle in the United States. The Competition and Markets Authority (CMA) cleared the deal, finding that it wouldn't diminish competition in film distribution, children's TV, and streaming services.
Culture Minister Lisa Nandy also opted not to interfere, securing assurances for diverse broadcasting and on-demand services in the UK, including future investment, editorial identities, and news independence.
Despite the UK's approval, Paramount's bid faces challenges in the US. A federal judge in California paused the merger in May, with 12 states led by California suing over competition concerns. The Justice Department had already approved the merger. If the deal goes through in the UK, the combined company would control major assets like CNN, Warner Bros Pictures, and HBO Max.
Paramount expressed gratitude to the CMA for its constructive review, emphasizing the issue with California's antitrust complaint. The EU had already given the merger conditional approval last month.
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