The US Department of Justice has approved Paramount’s acquisition of Warner Bros. Discovery, clearing the path for one of the largest media mergers in history and consolidating a vast portfolio of entertainment IP.
The US Department of Justice cleared the Paramount–Warner Bros. Discovery merger on 15 June 2026, removing the final major regulatory hurdle from a deal that will reshape the global entertainment landscape. The transaction is valued at around $110-111 billion and would combine Paramount’s assets, including CBS and Paramount+, with Warner Bros. Discovery’s portfolio of HBO Max, CNN, Warner Bros. Pictures and Discovery’s television networks.
In a statement, the Justice Department said it had completed an eight-month investigation and concluded the transaction was “not likely to result in harm to competition or American consumers” across streaming, linear television or theatrical film production and distribution. The review examined more than two million documents and extensive submissions from across the media industry. The approval came without any requirement for divestments or behavioural remedies, allowing Paramount to proceed with plans to integrate the businesses in full.
The deal, which values Warner Bros. Discovery at an enterprise value of $110 billion, was announced on 27 February 2026 and unanimously approved by the boards of both companies. Under the terms of the agreement, Paramount will pay $31.00 per share in cash for all outstanding WBD shares. The transaction is expected to close in Q3 2026, subject to a shareholder vote.
For the attractions industry, the combined IP library carries direct significance. The merged company will own a film library of more than 15,000 titles and thousands of hours of television programming, including franchises such as Harry Potter, Mission Impossible, Lord of the Rings, Game of Thrones, the DC Universe, Teenage Mutant Ninja Turtles, Transformers, Star Trek and SpongeBob SquarePants. Several of these properties already underpin theme park experiences globally, and consolidation under a single rights holder will affect future licensing negotiations across the sector.
David Zaslav, president and chief executive officer of Warner Bros. Discovery, said: “I’m very pleased with the outcome we achieved for WBD shareholders and the entertainment industry. Our guiding principle throughout this process has been to secure a transaction that maximises the value of our iconic assets and our century-old studio while delivering as much certainty as possible for our investors.”
David Ellison, chairman and chief executive officer of Paramount Skydance Corporation, said the deal was “guided by a clear purpose: to honour the legacy of two iconic companies while accelerating our vision of building a next-generation media and entertainment company.”
The Paramount-Warner Bros. Discovery merger now awaits final WBD shareholder approval before closing, with the combined entity set to become one of the most IP-rich media companies in the world.
Image: Paramount
