The Justice Department (DOJ)’s Antitrust Division has completed its review of the proposed deal which would allow Paramount Skydance to purchase Warner Brothers Discovery, announcing it was giving its blessing to it on Friday.
The story, first reported by Politico, stated:
The decision, announced Friday, paves the way for Paramount to combine with the entertainment and media company behind a vast film and television studio, CNN, and the HBO Max streaming service, which would be combined with Paramount+ to create a new offering boasting about 200 million subscribers. The deal, which would upend the Hollywood ecosystem by combining two historic rival studios, is opposed by many in the entertainment industry who fear it could lead to mass layoffs, among other concerns.
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In a statement, the Antitrust Division said its eight-month review “determined based on the evidence received in its investigation that the transaction is not likely to result in harm to competition or American consumers...” and could ultimately increase it by creating a stronger competitor across streaming, television and film. The department said investigators reviewed more than 2 million documents, conducted hours of depositions and worked alongside state attorneys general before reaching their decision.
A Paramount spokesperson praised the decision in a statement, saying the merger would create “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.” The company said it is now focused on completing the deal as soon as possible.
Readers who have been following the saga know it's been quite a journey getting to this point, with a brief bidding war between Paramount and Netflix - at one point - appearing to be a victory for the streamer. But in late Feb. 2026, Netflix decided against moving forward in its quest to gobble up Warner Brothers' back catalog, as my colleague Ben Smith wrote:
The stakes are high as WB is a highly coveted asset with its famed studio and its massive library of streaming content.
Netflix, which appeared to be poised to win the bidding war in late 2025, is taking a giant step back. The potential purchase price was just getting to be too darn big, they said.
Read More: Paramount Downgraded to Junk While CNN Melts Down Over New Ownership
While this is a major milestone, there could be troubles still ahead for the Paramount-Warner Bros. deal. How so? In recent days, Paramount has sought to smooth out potential, anti-trust investigations/litigation from attorneys general in California and other states:
Paramount Skydance Corp. (PSKY) has submitted suggested terms aimed at resolving an antitrust investigation by California and other states into its $110-billion plan to acquire Warner Bros. Discovery Inc. (WBD).
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Paramount Skydance has privately communicated with the office of California Attorney General Rob Bonta, indicating it is willing to address state concerns and has put forward a list of concessions as part of ongoing discussions, reported Bloomberg, citing people familiar with the matter.
Paramount said in a statement, per the Bloomberg report linked above:
“We continue to engage constructively with regulators, including state attorneys general, and are always prepared to address legitimate, clearly articulated antitrust concerns."
AG Bonta back in Feb. was rattling his office's saber over the potential Paramount Skydance acquisition of Warner Bros. Discovery - and it appears that he just won't let it go. After news of the approval broke, he tweeted on Friday:
The merger of Warner Bros and Paramount is not a done deal and remains under investigation by my office.
— Rob Bonta (@AGRobBonta) June 12, 2026
This comes despite the media giant even offering concessions to the CA AG's office in the days leading up to the DOJ's nod, according to the Bloomberg News story, including divesting itself of Nickelodeon and Warner Bros. Cartoon Network.
This is a developing story. RedState will provide updates as warranted.
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