DOJ signs off on $111B Paramount takeover of Warner Bros. Discovery

The Justice Department has approved Paramount Skydance’s takeover of Warner Bros. Discovery, removing the biggest U.S. antitrust obstacle to a deal valued at about $110 billion to $111 billion.

Reporting from multiple outlets said the clearance came without divestitures or other remedies. The decision marks a major milestone for a transaction that would reshape U.S. media ownership if it closes.

The approval follows an eight-month review that reportedly covered more than 2 million documents and interviews with more than 80 custodians. The Justice Department said its analysis found the merger is not likely to harm competition or consumers in streaming video on demand, linear television, or film development, production, or distribution.

Paramount said it was grateful for the department’s thorough review and argued that the combination is pro-competitive and better positions the company to compete with dominant technology platforms.

How the deal got here

Paramount and Warner Bros. Discovery agreed to the transaction on February 27, 2026, after a bidding battle that included Netflix. Warner Bros. Discovery shareholders approved the deal on April 23, 2026.

The federal antitrust clearance was first publicly reported on June 12, 2026, by Business Insider and later confirmed by AP, Axios, the Financial Times and The Guardian. AP said the Justice Department reviewed the deal across streaming, TV and film markets before concluding it was unlikely to harm competition or consumers.

The Financial Times reported that the DOJ’s approval came after an eight-month investigation and that the transaction still awaited additional regulatory clearance. Axios reported that the merger was approved without conditions and that Paramount would not have to divest assets.

What the companies say

The deal would combine major entertainment and news assets under one corporate roof, including Paramount Pictures, CBS News, Warner Bros., HBO, CNN and HBO Max.

Paramount has argued that the merger will help it compete more effectively with large technology and streaming rivals. Supporters of the deal say that scale matters in a market where media companies are fighting for viewers, subscribers and advertising revenue.

The reported valuation varies slightly by outlet, with some putting the deal at about $110 billion and others at about $111 billion. That difference appears to reflect rounding and valuation timing rather than a substantive disagreement.

What remains unresolved

The DOJ approval does not end the review process. The transaction still needs clearance in Europe and the United Kingdom, and state attorneys general are still considering possible legal action.

California Attorney General Rob Bonta and New York officials have been mentioned among the potential challengers. Any lawsuit could delay the close or add new conditions even after the federal green light.

The deal also has broader implications for the media industry. A combined Paramount-Warner Bros. Discovery would bring together major streaming, studio and news operations at a time when traditional media companies are under pressure to scale.

The transaction has drawn criticism from labor groups, media watchdogs and political figures who warn that more consolidation could mean layoffs, restructuring or newsroom disruption if the companies pursue the integration targets that have been discussed.

For now, the DOJ approval removes the most important U.S. regulatory hurdle. The next phase will be whether foreign regulators and state officials allow the deal to move toward closing without blocking it or forcing changes.