DOJ signs off on Paramount Skydance's acquisition of Warner Bros. Discovery
The Department of Justice has signed off on Paramount Skydance's acquisition of Warner Bros. Discovery, saying in a statement Friday that it found the $111 billion media megadeal "is not likely to result in harm to competition or American consumers" following an eight-month investigation.
The investigation was led by the Justice Department's Antitrust Division, whose review "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 DOJ said in a statement.
The investigation included a review of hours of deposition testimony by senior-level executives, third-party interviews, staff-led meetings and more, the DOJ said.
"These investigative efforts all led to the same conclusion: the film and television industry is highly dynamic, and the proposed transaction is not likely to harm competition or American consumers."
Paramount launched a hostile takeover bid to acquire Warner Bros. Discovery in December 2025, just days after Netflix initially struck a deal to purchase a large part of the media giant. The rival, multibillion-dollar efforts to acquire streaming platform Warner Bros. Discovery threatened to upend the media industry and shape content viewed by hundreds of millions of people.
The offer from Paramount encompasses the HBO Max streaming service, the Warner Bros. film production company, and cable channels such as CNN. Assets owned by Paramount include CBS, Paramount Pictures and Comedy Central, among others.
In February, the Warner Bros. Discovery board of directors voted unanimously to recommend approval of the Paramount takeover. Two months later, Warner Bros. Discovery shareholders voted to approve Paramount's takeover bid.
The DOJ said Friday it reviewed both the Netflix proposed acquisition and Paramount’s competing offer, and that its review began prior to Paramount reaching a definitive agreement with Warner Bros. Discovery due to the "competitive bidding process."
The merger has been met with concern by some officials and those in the industry. In April, more than 1,000 actors, directors and writers released a letter opposing Paramount’s acquisition of Warner Bros. Discovery, arguing it would "further consolidate an already concentrated media landscape" and reduce competition.
California Attorney General Rob Bonta previously said his office is investigating the merger.
ABC News' Max Zahn contributed to this report.
