Federal antitrust enforcers on Friday cleared Paramount Skydance’s $110 billion deal to buy Warner Bros. Discovery.
In a statement, the Department of Justice’s Antitrust Division said it had closed its probe of the acquisition after determining that the transaction “is not likely to result in harm to competition or American consumers.”
“The extensive investigatory record reviewed by the division suggests that the impact of the transaction will be to increase competition across the media and entertainment ecosystem, with benefits for American consumers and workers,” the agency said.
Paramount Skydance is the parent company of CBS News.
In a statement, Paramount said, “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. We remain focused on completing the transaction as soon as possible and delivering its benefits to consumers, creators, and the entertainment industry as a whole.”
The deal still faces potential legal hurdles from multiple state attorneys general who have threatened to challenge the transaction.
This is a breaking story and will be updated.
