Paramount Skydance acquires Warner Bros. Discovery (2026)

United States Department of Justice, Antitrust Division — Paramount Skydance / Warner Bros. Discovery (HSR investigation)

Cleared 12 June 2026

The Antitrust Division issued a Second Request, the Hart-Scott-Rodino waiting period expired in February 2026 once Paramount certified compliance, and on 12 June 2026 the Division announced it had closed its investigation, concluding the merger was not likely to harm competition in streaming, linear television or theatrical film.

United States State Attorneys General (multistate coalition) — The State of California et al. v. Paramount Skydance Corporation et al., No. 4:26-cv-07116-AMO (N.D. Cal.)

Under investigation 13 July 2026

California led twelve states in suing under section 7 of the Clayton Act to block the merger, alleging harm in wide-release film distribution and in the licensing of basic cable channels. The other plaintiffs are Arizona, Colorado, Connecticut, Massachusetts, Minnesota, Nevada, New Jersey, New Mexico, New York, Oregon and Washington.

United States District Court for the Northern District of California — No. 4:26-cv-07116-AMO, Order Granting Motion for Temporary Restraining Order

Under investigation 20 July 2026

Judge Araceli Martínez-Olguín temporarily restrained Paramount and Warner Bros. Discovery from closing or integrating, finding serious questions on the merits in wide-release theatrical film distribution. A temporary restraining order is not a final prohibition, which is why this is not recorded as a block.

• behavioural — Closing and integration of the two companies restrained pending a preliminary injunction hearing.

European Commission, Directorate-General for Competition — Paramount / Warner Bros. Discovery (press release IP/26/1663)

Cleared with remedies 22 July 2026 · Phase 1

The European Commission cleared the acquisition in Phase 1 subject to commitments on theatrical film distribution, where Paramount distributes films jointly with Universal through United International Pictures in several EEA countries. It found that enough competitors remained in film production and in television and streaming.

• divest business — Paramount to end its participation in United International Pictures in the EEA within 13 months of closing.
• behavioural — For ten years, no co-distribution agreements with Universal in the EEA, and no moving Warner or Paramount films to a distributor that also handles Universal or Disney films in the affected countries; compliance monitored by a trustee.

United States District Court for the Northern District of California — Nos. 4:26-cv-07116-AMO and 4:26-cv-07212-AMO, Stipulation and Order Not to Close

Under investigation 24 July 2026

The states, the Writers Guild plaintiffs and the companies agreed, and the court ordered, that the merger will not close or integrate until the earlier of five days after a decision on the merits or 1 June 2027. The court has set a single trial of both cases for 2 to 19 March 2027.

• behavioural — No closing or integration until five days after a merits determination or 1 June 2027, whichever is earlier.

United Kingdom Competition and Markets Authority — Paramount / Warner Bros. Discovery merger inquiry

Cleared 6 August 2026 · Phase 1

The Competition and Markets Authority opened its Phase 1 inquiry in June 2026 and cleared the anticipated acquisition on 6 August 2026 without referring it for an in-depth investigation.

United Kingdom Secretary of State for Culture, Media and Sport — Proposed acquisition of Warner Bros. Discovery by Paramount: decision of no intervention on public interest grounds

Cleared with remedies 6 August 2026

The Culture Secretary, who had said she was minded to intervene on media plurality grounds, decided not to issue a public interest intervention notice after Paramount gave legally binding undertakings on the editorial independence of its British news and children's channels.

• behavioural — Channel 5 News to be kept editorially independent of CBS News and CNN International, and Channel 5 to continue as a public service broadcaster.
• behavioural — CNN International to remain available in the United Kingdom, and Nickelodeon and Cartoon Network to be kept editorially distinct, for five years from completion.