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The U.S. Department of Justice has reportedly cleared Paramount Skydance‘s $111 billion acquisition deal for Warner Bros. Discovery.
The key approval removes one of the biggest regulatory roadblocks to complete the merger and has reportedly done so without concessions or any divestitures required.
In a statement, the DOJ’s Antitrust Division says that streaming linear TV and film markets will not be harmed and the acquisition should “increase competition across the media and entertainment ecosystem”.
Should the deal go ahead, Paramount would become the largest theatrical distributor in the country and own a top-five streamer by subscriber count. A Paramount spokesperson said in a statement:
“We are grateful for the Department of Justice’s thorough review of this transaction, as well as the work of the other agencies that have completed their reviews and provided clearance to date. This deal is pro-competitive, resulting in a stronger company better positioned to compete against dominant technology platforms in an industry increasingly defined by intense competition for audiences, talent, technology, and investment.”
The DOJ is only one obstacle though to the merger with state attorneys general, the FCC, the European Union and lawsuit-filing consumers still challenging it. Several states, including California, New York, Colorado, Oregon, Nevada, Washington, Connecticut and Tennessee are preparing a lawsuit to block the deal.
Source: The Guardian
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