The Antitrust Division said it had completed an eight-month investigation and determined, based on the evidence it received, that the transaction was not likely to harm competition or American consumers in subscription streaming video, linear television or theatrical film development, production and distribution. The division said the review included more than two million documents from more than 80 custodians, data productions, depositions, third-party advocacy and participation by state attorney general offices under confidentiality waivers.
That is federal clearance, not deal completion. The Guardian reported that the transaction is valued at $111bn, that the UK Competition and Markets Authority has opened a separate review with an initial 7 August deadline, and that European regulators are reviewing funding behind the merger. The same report said California Attorney General Rob Bonta described the merger as still under investigation by his office.
Table: regulatory status reported for the Paramount-Warner Bros. transaction
| Venue | Reported status | Source |
|---|---|---|
| U.S. Justice Department | Antitrust Division closed its investigation on 12 June after finding the transaction was not likely to harm competition in the markets it reviewed. | DOJ statement |
| United Kingdom | Competition and Markets Authority opened a separate investigation with an initial 7 August deadline. | Guardian |
| European regulators | Reviewing funding behind the merger, including reported Gulf sovereign-wealth commitments. | Guardian |
| California | Attorney General Rob Bonta said the deal was not done and remained under investigation by his office. | Guardian |
Source: U.S. Justice Department statement and Guardian reporting, June 2026.
The Justice Department's reasoning turned on market definition and competitive alternatives. In streaming video on demand, the division said Paramount+ and Warner Bros.' HBO Max and discovery+ were smaller than the three largest streamers and that a combined company was likely to offer a more robust alternative. In theatrical release, it named Disney, Sony, Universal, Lionsgate, Amazon MGM, A24, NEON and Blumhouse among competitors and said the evidence did not show a likely reduction in film output.