DOJ clears $111B Paramount-WBD merger despite state and global opposition

Paramount Skydance's $111 billion acquisition of Warner Bros. Discovery has cleared federal approval from the U.S. Department of Justice, which found the deal poses no threat to market competition, yet it faces intense resistance from U.S. state antitrust enforcers, particularly California Attorney General Rob Bonta, and advocacy groups including over 1,000 Hollywood professionals who signed an open letter opposing the merger. Critics argue the consolidation would reduce the number of major Hollywood studios from six to four, harming creative labor markets and consumer choice, while the UK's antitrust watchdog and the European Commission have also launched investigations into the transaction. The deal, which would merge Paramount+ and HBO Max to create a streaming service with approximately 200 million subscribers, remains pending shareholder approval and could face significant legal challenges despite federal clearance.