UK okays Paramount’s $110 billion merger with Warner Bros
British authorities have approved Paramount Skydance’s $110 billion merger with Warner Bros. Discovery, clearing of the acquisition amid a major lawsuit by 12 U.S. states seeking to block the merger.
The Competition and Markets Authority (CMA) cleared the acquisition on Thursday, after Paramount secured legally binding commitments, citing that the deal would not harm competition and control between other companies in film, television and streaming in the UK.
The antitrust regulator also demanded that UK broadcaster Channel 5 remain independent from CBS and CNN as Paramount gave assurances of producing more UK programmes, while protecting children’s television content.
The agreement will take effect after the deal is finalised and will remain in place for the next five years.
Despite the UK approving the merger, the deal still faces a major antitrust lawsuit by 12 U.S. who filed against the merger in July, claiming it could affect competition and increase the market power of the firm.
If the deal is not completed by September 30, Paramount will pay about $1.7 billion in additional payments to Warner Bros. shareholders due to the delay.
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