The UK’s Competition and Markets Authority has approved Paramount Skydance’s $110.9 billion acquisition of Warner Bros. Discovery, removing one of the last significant regulatory barriers standing between Hollywood and its largest-ever corporate marriage.
The deal, announced on February 27, 2026, values WBD shares at $31 each in cash. It would create a media behemoth projected to generate roughly $70 billion in annual revenue, with an estimated EBITDA of $16 billion and a combined streaming subscriber base of 207 million across HBO Max, Paramount+, and CNN’s digital platforms.
The regulatory gauntlet
The CMA’s review process has been multi-phased, with a phase 2 review wrapping up around June 9, 2026. A phase 3 due diligence deadline is set for August 7, 2026, and reports suggest the UK culture secretary could still intervene on public interest grounds related to media plurality.
The US Department of Justice granted antitrust clearance on June 12, 2026. WBD shareholders had already voted to approve the transaction on April 23, 2026.
