The UK Competition and Markets Authority (CMA) has opened a formal competition investigation into the proposed $110 billion acquisition involving Paramount Skydance and Warner Bros. Discovery (WBD). Multiple outlets report that the regulator announced it is starting a so-called “merger inquiry” into the deal, which, if completed, would significantly reshape parts of the global entertainment industry.
The CMA’s process includes an initial Phase 1 assessment to determine whether the acquisition can be approved or whether it should be referred for deeper review. The CMA also faces a stated deadline to decide whether to clear the merger at Phase 1 or to move it to a more detailed investigation stage.
The reported buyer side is led by David Ellison through Paramount Skydance, and the target is WBD. The investigation is part of the UK’s antitrust oversight of major mergers, with outcomes depending on whether the CMA identifies potential competition concerns in relevant markets.
