DOJ Finds Paramount Warner Bros Deal Unlikely to Harm Competition

June 13, 2026

Mintesinot Nigussie

The US Department of Justice has closed its investigation into Paramount Skydance’s proposed acquisition of Warner Bros Discovery, concluding that the deal is unlikely to harm competition across streaming, television and film production markets.

The Antitrust Division said after an eight-month review that the transaction does not appear likely to reduce competition or harm American consumers in streaming video on demand, linear television or theatrical film production and distribution.

The decision clears a key regulatory hurdle for the deal, which has been under scrutiny alongside a competing acquisition interest from Netflix.

According to the Justice Department, the review involved more than two million documents from over 80 custodians, extensive data submissions and input from industry participants across the media and entertainment ecosystem. State attorneys general also participated in the investigation through information-sharing arrangements.

The division examined both Paramount’s all-cash tender offer and Netflix’s separate acquisition proposal, which had emerged during a competitive bidding process for Warner Bros Discovery.

Officials said Warner Bros has repeatedly been the subject of major merger reviews, citing previous transactions including AOL Time Warner, AT&T Time Warner and Warner Bros Discovery. The agency said these cases illustrate the evolving nature of competition in media markets shaped by rapid technological change.

In streaming, the DOJ said the combined company would not significantly alter competitive dynamics dominated by larger platforms such as Netflix, Amazon and Disney. It added that Paramount and Warner Bros Discovery remain relatively smaller players in subscription streaming and could strengthen competition by combining content libraries.

On linear television, the agency cited continued structural decline driven by cord-cutting and rising competition from streaming services for advertising and live programming rights.

For film production and distribution, the DOJ pointed to a highly fragmented landscape that includes traditional studios and new entrants such as streaming platforms investing in theatrical releases.

The department also addressed concerns about content licensing, saying historical practices suggested continued incentives to distribute content across multiple platforms rather than restrict access.

The DOJ said it will not challenge the transaction after finding it is unlikely to substantially lessen competition, concluding a review that included interviews with executives, third-party stakeholders and extensive document analysis over the course of the investigation.