Paramount Skydance’s $111 billion bid for Warner Bros. Discovery took a major step towards being finalized on Friday.
The Justice Department’s Antitrust Division reportedly signed off on the company’s purchase of WBD, per Politico and other outlets.
The decision is expected to be announced officially soon.
DOJ approval, while expected, doesn’t close the door on legal challenges, as several state attorneys general have voiced concerns and other politicians and critics have assailed the deal on antitrust grounds. California Attorney General Rob Bonta has reportedly been reviewing the transaction and could still sue to block the deal despite federal regulators signing off on it. New York is likely to join in that effort as well.
Per Puck legal analyst Eriq Gardner, Paramount’s effort to push its deal over the finish line is also facing a private antitrust lawsuit filed on behalf of a group of streaming consumers. The lawyer in this case is pushing for a preliminary injunction that threatens to halt the merger before any operations are combined.
However, it’s still a major regulatory hurdle for Paramount Skydance, which would oversee a massive entertainment and media conglomerate, adding, amongst other things, a film and television studio, CNN, and the HBO Max streaming service, which would combine with Paramount+ to form a new entity that boasts over 200 million subscribers.
On the sports media front, CBS Sports and TNT Sports would operate under a single umbrella, creating a portfolio of rights rivaled only by ESPN’s.
The company is said to have an internal timeline targeting the third quarter of 2026 for a combination of operations.
According to Politico’s sources, DOJ officials determined that the transaction did not pose a threat to competition and declined to challenge it. The department approved the merger without requiring any divestitures, behavioral remedies or concessions.
“This is terrible news for every American who doesn’t want Trump-aligned billionaires to control what they watch and how much they pay,” Sen. Elizabeth Warren (D-Mass.) said in a statement. “The Paramount-Warner Bros. deal has reeked of corruption and influence-peddling. This fight isn’t over. State AGs must block this merger.”
About Sean Keeley
Along with writing for Awful Announcing and The Comeback, Sean is the Managing Editor for Comeback Media. Previously, he created the Syracuse blog Troy Nunes Is An Absolute Magician and wrote 'How To Grow An Orange: The Right Way to Brainwash Your Child Into Rooting for Syracuse.' He has also written non-Syracuse-related things for SB Nation, Curbed, and other outlets. He currently lives in Seattle where he is complaining about bagels. Send tips/comments/complaints to sean@thecomeback.com.