The US Department of Justice has cleared the way for Paramount Skydance to acquire Warner Bros. Discovery in a deal valued at approximately $110 billion, creating what would be the most significant media consolidation in a generation.
The approval follows a two-hour meeting between Paramount Skydance representatives and DOJ staff on May 26, capping months of antitrust review over whether combining two of Hollywood’s biggest studios would harm competition. Paramount Skydance reportedly expects to close the deal within 48 hours of the formal green light, though potential challenges from state attorneys general could still slow things down.
What the deal looks like
The merger carries an equity value of roughly $81 billion, with the total enterprise value hitting approximately $110 billion when debt is factored in.
Oracle co-founder Larry Ellison is guaranteeing more than $45 billion of the transaction, backed by bank debt commitments exceeding $54 billion.
