Paramount-WBD merger wins approval from DOJ
CNBC • • business
Key Points:
- The U.S. Department of Justice has approved Paramount Skydance's proposed $110 billion acquisition of Warner Bros. Discovery, finding no likely harm to competition or consumers.
- Paramount views the deal as pro-competitive, aiming to create a stronger company better equipped to compete with dominant technology platforms in entertainment.
- Despite federal approval, the merger could still face legal challenges from state attorneys general, with California's Department of Justice continuing its investigation.
- Paramount's stock rose about 3% in after-hours trading, and the company expects the deal to close by September to avoid increased costs from a "ticking fee."
- The merger still requires regulatory approval from European authorities, who have set a July 14 deadline for their review.