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US Justice Department approves Paramount's $111 bn purchase of Warner Bros. Discovery
The U.S. Department of Justice’s Antitrust Division announced that it has approved Paramount Skydance’s proposed acquisition of Warner Bros. Discovery, a transaction valued at approximately $110‑$111 billion. The agency concluded the merger is “not likely to result in harm to competition or American consumers” and could even increase competition in the media and entertainment sector.
Paramount will combine its assets – including Paramount Pictures, CBS, Paramount+ and other holdings – with Warner’s portfolio of CNN, HBO Max, Warner Bros. film studios and a broad slate of television networks. The deal is financed largely by billionaire Larry Ellison, whose son David Ellison leads Paramount, and is seen as a move to create a media conglomerate capable of competing with dominant technology and streaming platforms.
Despite the federal clearance, a coalition of state attorneys general, led by California’s Attorney General Rob Bonta, is preparing antitrust lawsuits, and the European Commission is conducting its own review. Critics, including Senator Elizabeth Warren and dozens of Hollywood creators, warn that the merger could reduce competition, lead to job cuts, and threaten editorial independence at news outlets such as CNN.