Paramount-Warner Bros Discovery merger wins US Justice Department approval
The US Justice Department approved the roughly $110 billion merger between Paramount Skydance and Warner Bros. Discovery. The deal could still face legal challenges from state attorneys general before closing.
DOJ Antitrust Division head Jonathan Kanter said the department concluded the deal would not "cause significant competitive harm". The ruling clears a key hurdle for Hollywood's largest media merger in a decade.
Paramount Skydance shares (PARA) rose 4.2% in after-hours trading while Warner Bros. Discovery (WBD) gained 3.8%. The combined company would become the world's third-largest media group behind Disney and Netflix.
New York Attorney General Letitia James and California AG Rob Bonta are reported to be reviewing the deal. MoffettNathanson analyst Robert Fishman wrote in a client note that state-level objections could "push the closing timeline back six to nine months". Not investment advice.
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