Britain clears Paramount's $110 billion acquisition of Warner Bros.
PSKY•Britain clears Paramount Skydance deal on competition and public interest grounds
Aug. 6 (Reuters) - Britain on Thursday cleared Paramount Skydance's PSKY.O $110 billion acquisition of Warner Bros Discovery WBD.O on both competition and public interest grounds.
The government said it would not intervene in the deal after Paramount strengthened its assurances about programming and news provision.
Britain said in June it was minded to intervene in the deal and potentially subject it to a public-interest investigation despite approvals from regulators in the United States, China and elsewhere.
The government said media minister Lisa Nandy's concerns had been addressed by assurances provided by David Ellison, chief executive of Paramount Skydance, which would become legally binding commitments.
Paramount has agreed that the combined group's linear and on-demand services in Britain would retain distinct editorial identities, including children's TV channels, the government said.
Paramount-owned Channel 5's news would remain editorially separate from CNN International and CBS News, it added.
Paramount welcomed the decision as an "important milestone" in closing the deal.
The Competition and Markets Authority separately said the deal would not substantially lessen competition in movie distribution, children's TV channels and streaming services.
The decisions mean the deal, which has been halted by a U.S. judge pending an antitrust challenge, will avoid lengthy reviews in Britain, leaving the U.S. states, led by California, as the remaining major regulatory hurdle.
