After reviewing the transaction for eight months, officials said the merger is unlikely to reduce competition|Chris Yarzab|CC BY 2.0
The Justice Department has approved Paramount Skydance’s proposed $110 billion acquisition of Warner Bros. Discovery, removing a major hurdle for one of the biggest media mergers in recent years.
After reviewing the transaction for eight months, officials said the acquisition is unlikely to reduce competition and could give consumers more choices in streaming and entertainment.
The department said a combined Paramount+ and HBO Max would be better positioned to compete with larger rivals such as Netflix and other major platforms.
It also found that the deal would not significantly affect competition in traditional television or the film business, where studios are battling for viewers, talent, and investment.
Paramount said the merger would strengthen its ability to compete in a rapidly changing industry and remains focused on completing the transaction.
The deal still awaits approval from the Federal Communications Commission, while some US states continue to review it over concerns about foreign investment and potential job losses.