The Justice Department’s Antitrust Division has approved Paramount Skydance’s $111 billion acquisition of Warner Bros. Discovery, clearing the largest regulatory hurdle facing one of the most closely watched media mergers of the Trump era.
The decision, announced Friday, paves the way for a combination of two of Hollywood’s most storied studios, merging the company behind CNN, HBO Max and a vast film and television library with Paramount and its Paramount+ streaming service. The combined streaming platform would boast roughly 200 million subscribers, immediately vaulting it into contention with dominant players like Netflix and Disney+.
After an eight-month review of more than two million documents and hours of depositions conducted alongside state attorneys general, DOJ officials determined the deal posed no threat to competition and declined to challenge it. Notably, the department approved the merger without requiring any divestitures, behavioral remedies or concessions of any kind.
“The transaction is not likely to result in harm to competition or American consumers,” the Antitrust Division said in a statement, adding that the deal could ultimately strengthen competition by creating a more formidable rival across streaming, television and film.
A Paramount spokesperson welcomed the ruling, 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 deal has not been without controversy. Many in the entertainment industry have opposed the merger, fearing it could trigger mass layoffs and further consolidate power in an already shrinking Hollywood ecosystem.
Three weeks ago, Paramount CEO David Ellison met in person for roughly two hours with Antitrust Division officials, including career staff attorneys, fielding questions about the transaction’s competitive effects until regulators were satisfied. Ellison’s father, Oracle co-founder Larry Ellison, is a longtime ally of President Donald Trump.
Paramount said it is now focused on completing the transaction as quickly as possible.
