CMA clears Paramount-WBD deal
August 6, 2026 12.51 Europe/London By Julian Clover


The UK Competition and Markets Authority has cleared Paramount Skydance’s proposed acquisition of Warner Bros. Discovery, removing another regulatory hurdle for the $110 billion media merger.

Paramount said it had also entered into a deed of covenant and undertaking with the UK Department for Digital, Culture, Media and Sport, following engagement with the government on the transaction.

The CMA approval follows clearances from the US, European Commission, Australia, Brazil, Canada, China, South Africa, South Korea and a number of other jurisdictions. Paramount said authorities representing 66 jurisdictions had now either cleared the deal or chosen not to challenge it on competition or foreign direct investment grounds.

The transaction would bring together Paramount Pictures, CBS, Paramount+, Pluto TV, Nickelodeon and MTV with Warner Bros., HBO Max, CNN, Discovery and other WBD assets, creating one of the world’s largest studio, streaming and television groups.

Paramount said the CMA’s conclusions supported its argument that the deal does not raise competition concerns. It said the UK regulator had found the merged company would continue to face competition in theatrical film distribution from other major studios and smaller suppliers, while also taking account of competition between SVOD, broadcaster VOD and free-to-air services.

The UK clearance comes as the merger continues to face legal opposition in the United States. A group of 12 state attorneys general has filed an antitrust lawsuit seeking to block the transaction, while the Writers Guild of America has also challenged the deal, arguing it would reduce competition for writers and lower pay.

Paramount has rejected those claims, arguing that the combination is needed to create a scaled media and entertainment company able to compete with global technology and streaming platforms.

The European Commission cleared the acquisition on July 22. The US Department of Justice closed its antitrust review in June, saying the transaction was not likely to harm competition or consumers.

Sources: Paramount Skydance statement; European Commission clearance announcement; CMA inquiry launch.