ClearedPhase 1

CMA case Paramount / Warner Bros. Discovery merger inquiry: Paramount Skydance / Warner Bros. Discovery

The United Kingdom Competition and Markets Authority cleared Paramount Skydance's acquisition of Warner Bros. Discovery on 6 August 2026 (case Paramount / Warner Bros. Discovery merger inquiry).^[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.

Decision facts

Regulator: United Kingdom Competition and Markets Authority (GB)
Case number: Paramount / Warner Bros. Discovery merger inquiry
Decision: Cleared · Phase 1
Decided: 6 August 2026
Legal basis: Enterprise Act 2002 (voluntary notification, mandatory standstill once reviewed)

The deal under review

Acquisition announced Announced 27 February 2026

Paramount Skydance acquires Warner Bros. Discovery

Paramount Skydance agreed to buy Warner Bros. Discovery for $31.00 a share in cash, which the companies put at $81 billion in equity value and $110 billion in enterprise value. It would combine the Paramount and Warner Bros. film studios, CBS and CNN, and HBO Max with Paramount+. Warner Bros. Discovery shareholders approved it on 23 April 2026 and the European Commission cleared it in July 2026.

Value: $110bn
Buyer: Paramount Skydance
Seller: public shareholders
Regulatory: Cleared; Cleared with remedies; Cleared; Cleared with remedies; Under investigation; Under investigation; Under investigation

Sources (1) & corrections

Last verified 6 August 2026. Every ownership fact above is backed by one of these primary documents. Numbers in brackets in the text refer to this list.

[1] Paramount / Warner Bros. Discovery merger inquiry — case page — Competition and Markets Authority, Regulator decision, published 6 August 2026; retrieved 16 September 2026.

Report a correction Opens a pre-filled GitHub issue. See our corrections policy.