The British Competition and Markets Authority (CMA) has officially opened an investigation into the acquisition of Warner Bros. by David Ellison-led Paramount Skydance. Discovery for $111 billion, but the company was allowed to close the acquisition by regulators in Australia and New Zealand.
“In relation to the merger, on 9 June 2026, the Australian Competition and Consumer Commission (ACCC) published its determination that the merger could be consummated, subject to the expiry of a 14 calendar day waiting period,” Paramount disclosed in a regulatory filing on Wednesday. “The waiting period is scheduled to end at 10:00 a.m. ET on June 23, 2026.”
Paramount said in its filing that the Australian Competition and Consumer Commission concluded in its decision that the blockbuster deal was “unlikely to have the effect of significantly reducing competition in relation to the wholesale supply of films for theatrical release in Australia”. While it would eliminate competition between Paramount and Warner Bros., “the combined entity would still be tied to other film studios after the acquisition.”
According to the filing, the Australian Competition and Consumer Commission added: “[T]It is unlikely that the combined entity will have a sufficiently strong wholesale supply position [audiovisual] Content to enable it to successfully prevent competitors from accessing it [audiovisual] content.”
Additionally, on June 5, the New Zealand Trade Commission (NZCC) informed Paramount Skydance that it “does not intend to consider a merger further,” Wednesday’s filing highlighted. “The relevant clearance regime is voluntary, and the NZCC does not grant informal clearances to parties.”
The company also touted other recent international moves for the planned mega-group. The filing highlighted: “In recent weeks, Paramount Skydance has received necessary approvals for the merger from competition authorities in Saudi Arabia, Ukraine, Serbia and North Macedonia, and from foreign direct investment authorities in Germany, Slovenia, Belgium, Czechia, New Zealand, Italy, France and Romania.”
The deadline for the UK regulator, the Competition and Markets Authority, to decide on a potential deep-dive phase two investigation is August 7.
