DOJ Approves Paramount Skydance's $111 Billion Warner Bros. Acquisition

The United States Department of Justice approved Paramount Skydance Corp's acquisition of Warner Bros. Discovery on June 12, 2026. Following an eight-month review of over two million documents, the DOJ's Antitrust Division concluded that the deal, valued between $110 billion and $111 billion, is unlikely to harm competition and may instead increase competition across the media and entertainment ecosystem. The combined entity will control major assets including CNN, HBO Max, CBS, and the Warner Bros. film studio.

Reports indicate the decision surprised career antitrust staffers who had leaned toward recommending a lawsuit to block the merger. Senior DOJ leadership reportedly overruled these concerns after a two-hour interview with Paramount CEO David Ellison. Associate Attorney General Stanley Woodward Jr. later criticized leaks from career lawyers, asserting that internal channels should have been used to voice objections.

Despite federal clearance, the merger faces significant opposition. California Attorney General Rob Bonta is leading a coalition of approximately 10 states preparing antitrust lawsuits. International regulators, including the European Commission and the UK's Competition and Markets Authority, are conducting reviews, with the EU specifically examining $24 billion in financing from Saudi, Qatari, and Abu Dhabi sovereign wealth funds. The Federal Communications Commission has not yet approved petitions for these foreign interests to own the deal's debt. The companies expect to close the transaction by September 2026.