Washington: The US Department of Justice has cleared the proposed $111 billion merger between Paramount Global and Warner Bros. Discovery, removing a major regulatory obstacle for a deal that would significantly reshape the global entertainment industry.
Following an eight-month antitrust investigation, the Justice Department concluded that the merger is unlikely to harm competition in streaming, television broadcasting, or film production and distribution. Instead, it said the combined company could strengthen competition and benefit consumers and workers.
The deal will bring together Paramount’s assets, including CBS, Paramount Pictures and Paramount+, with Warner Bros. Discovery’s portfolio, which includes CNN, HBO, HBO Max, Warner Bros. studios and Discovery’s television networks.
According to the department, the review involved more than two million documents, extensive data analysis, interviews with industry participants and testimony from senior executives. State attorneys general also contributed to the investigation.
A key focus was the rapidly evolving streaming market, where companies face intense competition for subscribers and advertising revenue. (IANS)
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