US approves Paramount-Warner Bros. $110 billion merger, as state lawsuits loom |
The US Department of Justice’s Antitrust Division said Friday it has cleared Paramount Skydance Corp’s planned $110 billion acquisition of Warner Bros. Discovery, saying it was unlikely to harm competition or consumers.
DOJ said it spent eight months evaluating how the transaction would affect streaming video services, traditional television and the film industry, weighing input from across the entertainment industry.
“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 Justice Department wrote in a statement.
Read more: What a Paramount-Warner Bros. merger could mean, including for coverage of Israel
Paramount CEO David Ellison’s father, billionaire Oracle co-founder Larry Ellison, has cultivated ties with US 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.
Competition for audiences, talent, investment
Paramount issued a statement thanking the DOJ for its review of the transaction, which it said would allow the company to better compete in an industry defined by an intense scramble 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,” Paramount said.
The Federal Communications Commission has not yet approved a........