UK regulator probes $110bn Paramount‑Warner media merger

The UK Competition and Markets Authority (CMA) launched a formal antitrust investigation on 9 June into Paramount Skydance’s proposed acquisition of Warner Bros Discovery, a deal valued at roughly US$110‑111 billion including debt. The regulator’s first‑phase review will assess whether the transaction would lessen competition in the British media and entertainment market, with a preliminary decision due by 7 August.

If approved, the merger would create one of the world’s largest entertainment conglomerates, combining Warner’s assets such as HBO, CNN, Discovery and flagship film franchises (e.g., Harry Potter, Mission Impossible) with Paramount Skydance’s studios and planned output of at least 30 high‑budget films per year. The deal is led by David Ellison, son of Oracle co‑founder Larry Ellison. While the CMA examines the proposal, the European Commission is conducting its own review, and several US states, including New York and California, are preparing legal challenges. Industry groups and hundreds of Hollywood professionals have voiced opposition, citing concerns over market concentration, job losses and reduced diversity of content. Paramount has indicated willingness to sell certain assets to address regulatory concerns.