In the United States, a high-profile antitrust challenge led by California and a coalition of 11 states alleges the deal would give control of a large share of the theatrical market and cable channels.

The merger is expected to close by the end of September, contingent on regulatory clearance in multiple jurisdictions.

The CMA formal review began in June, with an August 7 deadline for a ruling, amid broader Atlantic scrutiny about competition and consumer impact.

Paramount argues the deal will boost consumer choice and enable a more creative-first company capable of funding more global projects.

Twelve state attorneys general, led by California, sued Paramount in July to block the deal under antitrust laws, seeking to prevent closing until the case resolves.

Analysts say the merger could reshape the global entertainment and media landscape by consolidating networks, studios, and platforms.

Britain’s Competition and Markets Authority cleared Paramount Skydance’s $111-billion merger with Warner Bros. Discovery, determining it would not lessen competition in film and TV production, distribution, children’s channels, or streaming.

The UK ruling followed earlier reviews and a settlement with Culture Secretary Lisa Nandy, who opted not to block the deal after Paramount provided legally binding commitments.

The CMA found sufficient UK competition in film distribution, children’s channels, and streaming, while guaranteeing editorial independence and diversity for UK audiovisual and news services as part of the settlement.

A final hurdle remains from a US antitrust lawsuit, with a California trial set for March 2027 that could delay closing and affect shareholder payouts.

Industry response included more than 5,000 entertainment workers urging US authorities to oppose the merger over concerns about jobs, costs, and audience choice.

CMA’s clearance carries a five-year enforcement window for the commitments and signifies that content and editorial safeguards are a priority.