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UK clears Paramount deal for Warner Bros Discovery worth $110bn
The UK said it received legally binding commitments from Paramount, including pledges around future UK investment and editorial independence of news.
The UK government has decided not to intervene in Paramount’s $110bn acquisition of Warner Bros Discovery, according to the UK’s culture secretary Lisa Nandy, after the US company provided legally binding commitments. The deal also received clearance from the UK competition regulator, with Paramount making pledges through a deed of undertaking. Those assurances covered future investment in the UK, maintaining distinct editorial identities for key services, and preserving editorial independence for news.
As part of further discussions, Paramount offered to strengthen the assurances and convert them into legally binding commitments via a deed of undertaking made in the Secretary of State’s favor. The approval by the US justice department’s anti trust division was granted in June after months of review.
The UK’s decision came as Warner Bros Discovery reported worse than expected sales, as the outcome unfolds amid broader industry concerns that the tie-up could reduce competition by combining media businesses including CBS News and CNN.