The Justice Department’s Antitrust Division cleared Paramount’s $110 billion acquisition of Warner Bros., giving the blockbuster merger another regulatory green light
Department of Justice officials determined the transaction did not pose a threat to competition in streaming, the traditional television business or film. The U.S. Justice Department’s Antitrust Division said it has cleared Paramount Skydance Corp.’s planned US$110 billion acquisition of Warner Bros.
Discovery. Department of Justice officials said in a statement released late on Friday that it determined the transaction did not pose a threat to competition in streaming, the traditional television business or film. The clearance gives Paramount another regulatory green light to point to as it seeks to ward off a potential challenge to the deal by states. In April, Paramount also asked the Federal Communications Commission to approve foreign investments backing the acquisition.
U.S. senators have raised concerns about Middle Eastern sovereign wealth funds and Chinese companies taking part. The FCC has yet to make a determination. Analysts had expected the DOJ not to challenge the deal because of Paramount’s political connections. Paramount CEO David Ellison’s father, billionaire Oracle co-founder Larry Ellison, has cultivated ties with President Donald Trump, and the company has hired former Trump officials.
Assistant attorney-general Omeed Assefi had said that politics would “absolutely not” drive the DOJ’s review of the transaction. Paramount has argued the deal has no antitrust problems, and said the combined company would increase competitive pressure on Disney and Netflix.
However, several in Hollywood – including actors, directors, writers and producers – have expressed concern that the merger would result in fewer jobs and less diversity of storytelling. California, New York and other U.S. states are preparing aStudy and track financial data on any traded entity: click to open the full quote page. Data updated as of
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Paramount’s Deal for Warner Bros. Is Cleared by US DOJ(Bloomberg) -- The US Justice Department has closed an antitrust probe into Paramount Skydance Corp.’s $110 billion purchase of Warner Bros. Discovery Inc., saying the deal “is not likely” to hurt consumers or competition in the film and television industry.
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