UK Clears Paramount’s $110 Billion Bid for Warner Bros. Discovery

UK approval hands control of the merger’s fate to U.S. courts with a March 2027 federal trial scheduled.

Overview

On Thursday the UK government approved the roughly $110 billion tie-up after the companies offered legally binding commitments to address competition concerns.
U.S. state attorneys general and the Writers Guild continue to block the deal in court and have secured a federal trial set for March 2027 that leaves the transaction paused.
The deal’s agreement pauses closing timetables through June 2027 and could force Paramount to pay up to $1.7 billion if completion is delayed for a prolonged period.
Warner Bros. Discovery reported second-quarter 2026 revenue of $8.72 billion, with studios revenue down 39% and advertising revenue down 22% because of weaker box office results and the loss of NBA broadcasts.
Streaming was a bright spot, with WBD’s streaming revenue rising about 10% from international expansion and originals, which companies say is a central rationale for combining HBO Max and Paramount+ and would reshape global competition with Netflix and Disney.