British government takes step toward review of WBD-Paramount merger

The British government is considering intervention in Paramount Skydance’s proposed $110 billion takeover of Warner Bros. Discovery, raising concerns about the deal’s potential effect on media freedom and on-demand programming.

The move by the British Competition and Markets Authority is an early step that could lead to a review by the country’s antitrust regulator. 

The possible British intervention comes after the Paramount Skydance-Warner Bros. Discovery deal received clearance in the U.S., China, Australia, Germany, France and Saudi Arabia.

Culture Secretary Lisa Nandy gave the companies until Monday, July 6, 2026, to respond before deciding whether to issue a formal public interest intervention notice.

“I am mindful of the need to reach a final decision in a timely manner, and I will endeavour to do so as appropriate,” Nandy said in a statement.

Nandy said the transaction is global in scope but would affect assets in Britain. Paramount owns Channel 5, a free-to-air broadcaster with news programming, while Warner Bros. Discovery owns CNN International.

Other U.K. businesses that could be affected include TNT Sports, Cartoon Network, Nickelodeon, Paramount+ and HBO Max.

If Nandy issues the notice, media regulator Ofcom and the Competition and Markets Authority would have up to 40 days to review the transaction and report back. Nandy would then decide whether to clear the deal or refer it for a deeper investigation, which could last up to 24 weeks.

Advertisement

If regulators identify concerns, Paramount Skydance and Warner Bros. Discovery could seek to address them through remedies such as divestitures or commitments protecting editorial independence.