The US Justice Department approved Paramount’s $111B merger with Warner Bros. Discovery after an eight-month review of more than 2 million documents, finding no threat to competition

Paramount Skydance defeated Netflix in the battle to acquire Warner Bros. Discovery, committing $111 billion for the merger.

The DOJ approval is an important milestone for the roughly $110 billion deal, though it could still face legal challenges from state attorneys general.

A coalition of state attorneys general led by California is preparing a lawsuit to challenge the merger.

The DOJ said its investigation concluded that the "transaction is not likely to result in harm to competition or American consumers."