U.S. Justice Department approves Paramount‑Warner Bros. Discovery $110 B merger

The U.S. Department of Justice announced approval of Paramount Skydance’s acquisition of Warner Bros. Discovery, a transaction valued at roughly $110‑111 billion. After an eight‑month antitrust investigation that examined more than two million corporate documents, the DOJ concluded the merger would not substantially lessen competition in television, streaming and film production markets.

The combined company will bring together Paramount Pictures, CBS, Paramount+, and the streaming service HBO Max with Warner Bros. Studios, HBO, Max, CNN, DC Comics and other Warner assets. Funding for the deal includes significant commitments from sovereign wealth funds in Saudi Arabia, Abu Dhabi and Qatar. Despite the federal clearance, the merger faces political opposition, with Senate Democrat Elizabeth Warren labeling the decision a mistake and state attorneys general in California and New York pursuing separate legal actions. The European Union is also reviewing the deal for competition concerns. Integration is expected to begin in late 2026, with full consolidation of content catalogs and streaming platforms projected over the following year.