Department of Justice Antitrust Division Closes Investigation of Paramount Skydance and Warner Bros. Merger

The Antitrust Division of the U.S. Department of Justice has completed its analysis of the proposed merger of Paramount and Warner Bros. and determined based on the evidence received in its investigation that the transaction is not likely to result in harm to competition or American consumers, including with respect to: (1) streaming video on demand (“SVD); (2) linear television; and (3) studio development, production, or distribution of films for theatrical release. Over the course of a rigorous eight-month investigation led by the Division’s career staff, the Division received from the Parties over two million documents from over 80 custodians, substantial productions of data, as well as extensive documents, data, and advocacy from third parties across the media and entertainment ecosystem. State Attorney General offices participated in the Division’s investigation by virtue of the Parties’ voluntary waivers of confidentiality, which allowed the Division and States to share information with each other and for the States to attend and participate in the Division’s depositions.