DOJ clears Paramount-Skydance $110B Warner Bros. Discovery deal
In brief
- DOJ approved merger June 12 with no conditions after eight-month antitrust review
- Deal valued $110–111 billion; combines HBO, Paramount+, CNN, and CBS
- State attorneys general and European regulators must still approve the acquisition
Unconditional approval marks a turning point
The DOJ imposed no conditions on the deal after its eight-month antitrust review, signaling the regulator found no meaningful competitive threat from the consolidation. This represents a significant win for David Ellison, the Skydance founder orchestrating the merger.
The path to this approval involved multiple stakeholder votes. Warner Bros. Discovery shareholders approved the acquisition on April 23, 2026, followed by bondholders' consent around May 27, 2026. The federal clearance removes the final major domestic hurdle.
Regulatory gauntlet continues
The merger still faces scrutiny from state attorneys general, with California being the most closely watched jurisdiction. These state-level reviews could introduce additional conditions or delays, though they're unlikely to block the deal outright.
European regulatory bodies also need to sign off on the transaction. International antitrust authorities have grown more assertive in media mergers, but the DOJ's unconditional approval may ease the path abroad.
The resulting entity controls a sprawling content empire spanning decades of film, television, and streaming output. This consolidation reshapes the competitive landscape among streaming giants at a moment when the sector is stabilizing after years of subscriber churn and profitability pressures.
