Logo text
Britain’s Competition and Markets Authority (CMA) has formally opened a probe into the David Ellison-led Paramount’s proposed $111 billion takeover of Warner Bros. Discovery, the merger watchdog said on Tuesday.
In a statement, the CMA set an initial deadline of Aug. 7 for a ruling on the Hollywood megadeal that would combine two major studios, two big news operations, streaming services and two portfolios of cable networks.
“The initial period of [the investigation will] … commence on the first working day after the date of this notice, ie on 10 June 2026,” the M&A authority said. “The deadline for the CMA to announce its decision whether to refer the merger for a phase 2 investigation is therefore 7 August 2026.”
A “phase 2” investigation is a more in-depth review conducted by the CMA if its initial phase 1 probe concludes that a proposed transaction may lead to a “substantial lessening of competition.”
