The biggest media deal in years just hit a wall, and it’s not the one anyone expected. Several US states, led by California and New York, are preparing to file an antitrust lawsuit to block Paramount Skydance’s roughly $110.9 billion acquisition of Warner Bros. Discovery, even after the Department of Justice gave the merger a clean bill of health.
The deal so far
Paramount Skydance announced the acquisition of Warner Bros. Discovery on February 27, 2026. The combined entity would merge some of the most recognizable studios and streaming platforms in entertainment under a single corporate umbrella.
The DOJ’s Antitrust Division completed an eight-month review and approved the deal without conditions around June 12, 2026.
WBD shareholders overwhelmingly approved the transaction on April 23, 2026.
