Paramount Skydance secures UK approval for $110B Warner Bros. takeover in landmark media deal
UK’s Competition and Markets Authority cleared Paramount Skydance’s about $110B acquisition of Warner Bros. Discovery, saying it raises no competition concerns. The deal is valued at about $31 per WBD share in cash, after Phase 2 review ended June 9 and final UK approval came June 30. DOJ cleared June 12, EC on July 22, and shareholders approved April 23. Combined projections: ~$70B revenue, $16B EBITDA, ~207M streaming subscribers.
How this was made
The 30-second read
Why it matters
The CMA’s Phase 2 completion and formal clearance in the UK remove a major regulatory hurdle, but the deal remains paused by a US federal court pending litigation through Aug 17, 2026.
Market read
Regulatory approvals across the UK, US, and EU advance the deal, but the US court pause keeps closing risk and timing uncertainty front and center for both acquirer and target.
What to watch
The article does not quantify remedies, deal conditions, or financing terms; traders should watch for any new court rulings or deal-condition changes that could override regulatory progress.
Background
Paramount Skydance announced a bid to acquire Warner Bros. Discovery at about $31 per WBD share in cash in February 2026, competing with interest from Netflix.
Ticker impact
UK CMA cleared Paramount Skydance’s roughly $110B acquisition of Warner Bros. Discovery, removing a major regulatory overhang in Britain.
Near-term bias higher on deal-clearance headlines, with volatility around court/litigation updates.
The article cites CMA Phase 2 completion and formal clearance, but also notes a US federal court temporarily paused the deal with proceedings expected until Aug 17, 2026.
Market effects
Signals continued consolidation tolerance in global media, potentially reshaping expectations for future streaming content-library deals.
UK antitrust clearance reduces UK-specific deal friction, supporting cross-border M&A momentum for media assets.
With DOJ and European Commission already cleared, the remaining constraint is US litigation timing rather than multi-region regulatory approvals.
Counterpoint
Even with UK clearance, the US federal court pause means the market may be underpricing the probability of delay or adverse litigation outcomes.
Key entities
- acquirerParamount Skydance
Led by CEO David Ellison, seeking to acquire Warner Bros. Discovery in a roughly $110B deal.
- targetWarner Bros. Discovery
Subject of the acquisition bid, with shareholders already approving the deal on April 23, 2026.
- regulatorUK Competition and Markets Authority (CMA)
Cleared the transaction after a Phase 2 review completed by June 9 and formal clearance on June 30, 2026.
- regulatorUS Department of Justice (DOJ)
Cleared the transaction on June 12, 2026.
- regulatorEuropean Commission
Cleared the transaction on July 22, 2026.
