The Trump administration's Justice Department has approved Paramount's $111 billion acquisition of Warner Bros. Discovery without requiring major concessions, calling the deal "pro-competitive." The transaction values WBD at $81 billion in equity and $110 billion in enterprise value, with Paramount paying $31 per share in cash.
Paramount CEO David Ellison secured $24 billion in equity financing from sovereign wealth funds in Saudi Arabia, Qatar, and the UAE. The combined company aims to compete against dominant tech-platform streaming giants such as Netflix and Amazon. The deal is expected to close by September 30, 2026.
The approval is not without opposition. State attorneys general in California, New York, and roughly 10 other states are weighing antitrust lawsuits, while the UK's Competition and Markets Authority and the European Commission have both opened formal investigations.