Justice Department Approves Paramount Skydance's Acquisition of Warner Bros. Discovery

The Justice Department has approved Paramount Skydance's $110 billion acquisition of Warner Bros. Discovery, allowing the merger of two historic Hollywood studios. The department stated that the merger is "not likely to result in harm to competition or American consumers" after an eight-month investigation that included the review of over two million documents and feedback from third parties. Paramount owns the Paramount+ streaming service and CBS, while Warner Bros. Discovery includes HBO Max and CNN. Despite the approval, the deal has faced opposition from some entertainment professionals and regulators, with over 1,000 industry members expressing concerns about reduced competition. California Attorney General Rob Bonta and New York Attorney General Letitia James are investigating the merger, and European Union officials are reviewing it due to financial backing from Middle Eastern sovereign wealth funds. Paramount Skydance CEO David Ellison has pledged to honor the legacy of both companies while pursuing a next-generation media vision.