UK government signals possible intervention in Paramount‑Warner $110 bn merger

British Culture Secretary Lisa Nandy told Parliament that she is "minded to intervene" in Paramount Skydance’s proposed $110 billion takeover of Warner Bros Discovery. The government says the deal could affect media plurality in the United Kingdom, citing concerns over the concentration of news, children’s television and streaming services such as Channel 5, CNN International, Cartoon Network, Nickelodeon, Paramount+ and HBO Max.

Nandy has written to the current and prospective owners of Warner Bros Discovery, giving them until 6 July to submit their responses. If the UK proceeds, the matter would be referred to the communications regulator Ofcom and the Competition and Markets Authority for a public‑interest and competition review, with a possible Phase 2 investigation lasting up to 40 weeks. The intervention could give the government leverage, as Paramount has agreed to pay a “ticking fee” of 25 cents per share for each quarter the deal remains incomplete after 30 September, amounting to roughly $650 million per quarter.

The merger has already cleared regulatory hurdles in the United States, China, Australia, Germany, France and Saudi Arabia, and is awaiting a decision from the European Commission, which has extended its deadline to 22 July after Paramount offered remedies. Analysts suggest the UK move may be aimed at extracting commitments on UK news and children’s programming rather than outright blocking the transaction.