Industry

The United Kingdom’s Competition and Markets Authority (CMA) has approved the acquisition of Warner Bros. Discovery by Paramount Skydance Corporation, marking a key step toward completing the transaction. Paramount confirmed that it has also reached an agreement with the UK Department for Digital, Culture, Media and Sport (DCMS) through a deed of covenant and undertaking, following discussions with the government body.
The deal has now received competition clearance from authorities in several territories, including the United States, Australia, Brazil, Canada, China, the European Commission, South Korea and South Africa, among others. It has also secured foreign investment approvals in countries including France, Germany, Italy, Spain, Belgium and Romania.

With the CMA’s decision, regulators and governments across 66 jurisdictions have either approved the transaction or opted not to challenge it on competition or foreign investment grounds.

Paramount said the combination of Paramount and Warner Bros. Discovery will create a larger media and entertainment company capable of competing with major technology platforms, increasing investment in content and expanding opportunities for creators worldwide.
The company added that the CMA’s review found the merger would not raise competition concerns, noting that the combined entity would continue to face competition from major film studios and other market players. The UK regulator also highlighted competitive pressure from free-to-air broadcasters, streaming platforms and other video-on-demand services across different segments of the entertainment market.

The approval follows the European Commission’s unconditional clearance of the transaction on July 22, 2026, bringing Paramount Skydance and Warner Bros. Discovery closer to completing one of the largest media mergers in recent years.