Paramount to Acquire Warner Bros. Discovery After U.S. Justice Dept Approval

The U.S. Department of Justice has approved Paramount's $111 billion acquisition of Warner Bros. Discovery, concluding that the deal is unlikely to harm competition or consumers. The approval removes a major regulatory hurdle, allowing the merger that would combine two of Hollywood’s biggest studios into a new media giant. Paramount’s shares rose about three percent after the announcement.

The transaction still faces a pending antitrust lawsuit filed by a coalition of U.S. states led by California, which could seek to block or modify the merger. In addition, separate approvals are required from the United Kingdom’s competition regulator and the European Commission, with the latter expected to decide by mid‑July.