The US Justice Department on Friday cleared Paramount Skydance's $111 billion takeover of Warner Bros. Discovery, handing a major win to a media empire financed by one of President Donald Trump's closest billionaire allies.

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.