Britain’s competition watchdog has officially launched a formal review into Paramount Skydance’s proposed $110 billion acquisition of Warner Bros Discovery, marking the next phase in a
closely watched global media deal.
The Competition and Markets Authority (CMA) confirmed on Tuesday that it has concluded its initial information-gathering stage and will now proceed with a Phase 1 investigation. The regulator is expected to assess whether the transaction could reduce competition in UK markets, with an initial decision deadline set for August 7. At that point, the CMA will decide whether to approve the deal or escalate it to a more detailed Phase 2 inquiry.
As part of its early review, the CMA invited submissions from industry stakeholders between April 13 and April 27, seeking input on how the merger could affect competition across broadcasting, streaming, and film distribution sectors.
The proposed acquisition would see Paramount Skydance absorb Warner Bros Discovery in a deal that followed a high-profile bidding contest earlier this year, where Paramount ultimately outbid Netflix.
If completed, the merger would combine major entertainment assets including CBS, CNN, and Warner Bros studios, potentially reshaping the competitive landscape as traditional media companies continue to respond to pressure from global streaming platforms.
The deal has already drawn scrutiny from regulators across North America and Europe, alongside concerns raised by industry stakeholders such as writers, actors, filmmakers, and cinema operators who argue the consolidation could significantly alter the balance of power in the entertainment sector.
In the United States, legal challenges may also be emerging. Reports last week indicated that California, New York, and other states were preparing a potential lawsuit aimed at blocking the transaction.
A spokesperson for Paramount said the company views the CMA’s announcement as part of the expected regulatory timeline. “We look forward to continuing to work constructively with the Competition and Markets Authority and all regulatory agencies as they advance their review process,” the spokesperson said. Photo by ?LiAnG?, Wikimedia commons.
