Hollywood
Paramount’s US antitrust waiting period on WBD bid expires
DOJ review continues as rival Netflix bid clouds the deal’s future
LOS ANGELES: Paramount said on Friday that the US antitrust waiting period for its $108.4 billion all-cash bid for Warner Bros Discovery expired on 19 February, clearing an early procedural hurdle in its attempt to buy the owner of HBO Max.
The expiry of the 10-day waiting period under the Hart-Scott-Rodino Act means there is no statutory bar in the United States to closing the proposed transaction. It does not, however, bring regulatory scrutiny to an end.
The US Department of Justice can continue investigating the deal, seek additional information and still sue to block it before completion. In 2023, the department moved to stop JetBlue’s proposed acquisition of Spirit Airlines months after the waiting period had lapsed.
Complicating matters further, Paramount does not yet have a definitive agreement with Warner Bros Discovery. The studio group has separately entered into a deal with Netflix, which has offered $27.75 per share, valuing the studios and streaming assets at $82.7 billion.
“Paramount Skydance continues to mislead stockholders and distract from the facts,” said Netflix chief legal officer David Hyman. “They have not secured the approvals needed to close and they are a long way from doing so.”
Any Netflix-Warner Bros Discovery tie-up would itself face intense scrutiny from US and European competition authorities. These authorities would examine whether combining Netflix’s global streaming scale with Warner Bros Discovery’s century-old studio assets could curb competition or narrow consumer choice.
Hollywood
WBD sets April 23 vote on $110bn Paramount Skydance merger
Investor approval key step, but regulators loom over mega media deal
NEW YORK: Warner Bros. Discovery has set April 23 as the date for shareholders to vote on its proposed $110 billion merger with Paramount Skydance, marking a crucial step in one of the biggest media deals in recent years.
The all-cash transaction offers WBD shareholders $31 per share, a hefty 147 per cent premium to its unaffected stock price, signalling strong intent to push the deal across the finish line. The company’s board has unanimously backed the merger and is urging investors to vote in favour.
Even if shareholders give the green light, the deal is far from done. Regulators in the United States and Europe are expected to scrutinise the merger closely, weighing concerns around competition and potential price impacts for consumers.
To keep investors on side, WBD has built in a safety net. If the deal is not completed by September 30, shareholders will receive a quarterly “ticking fee” of $0.25 per share until closure.
The proposed merger would significantly reshape the media landscape, combining the assets of Warner Bros. Discovery with those linked to Paramount Global and Skydance Media. It would also cement the growing influence of David Ellison, who has been steering Skydance’s aggressive expansion strategy.
“The WBD Board has been guided by the singular principle of securing a transaction that maximises the value of our iconic assets and delivers as much certainty as possible to our shareholders,” said Warner Bros. Discovery board chair Samuel A. Di Piazza Jr.. “This historic transaction will expand consumer choice and create new opportunities for creative talent.”
Warner Bros. Discovery chief executive officer David Zaslav added that the company is working closely with its counterpart to close the deal and unlock value for stakeholders.
With investor backing likely but regulatory hurdles ahead, the proposed merger is shaping up to be a defining moment for the global entertainment industry, where scale, content and competition are increasingly intertwined.
