The proposed merger between Warner Bros. Discovery and Paramount Skydance has passed a massive hurdle.
The Department of Justice has ended its investigation and has approved the merger between the entertainment powerhouses.
“We are grateful for the Department of Justice’s thorough review of this transaction, as well as the work of the other agencies that have completed their reviews and provided clearance to date,” said a Paramount spokesperson said to Deadline. “This deal is pro-competitive, resulting in a stronger company better positioned to compete against dominant technology platforms in an industry increasingly defined by intense competition for audiences, talent, technology, and investment. We remain focused on completing the transaction as soon as possible and delivering its benefits to consumers, creators, and the entertainment industry as a whole.”
The ruling by the DOJ doesn’t mean the merger is a done deal. Attorneys general from California, New York, and several other states are reportedly considering filing their own antitrust lawsuit, arguing that the merger could reduce competition in the entertainment industry by creating an extremely large media company. If such a lawsuit is filed, it could delay the transaction, seek to block it altogether or force the companies to make changes before the deal can proceed.
Paramount itself has committed to completing the acquisition of Warner Bros. Discovery by September 30 or they will pay shareholders a “ticking fee”. It is essentially a financial penalty that increases each day the deal remains uncompleted after a certain deadline.
Regulators in the United Kingdom and European Union are indicating they may conduct a more detailed review of the merger as well.
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