The U.K. has cleared Paramount Skydance’s $111 billion acquisition of Warner Bros. on both competition and public interest grounds after Paramount beefed up promises about programming and news provision in the U.K.
In a statement, the U.K.’s Department of Culture, Media and Sport said, “Today, the Competition and Markets Authority have announced their decision that there are no competition aspects of this proposed merger in the U.K. which necessitate their further intervention.”
It added that Lisa Nandy, the Culture Secretary, had decided “not to issue a Public Interest Intervention Notice on the basis that the assurances and further legally-binding commitments she has secured at this point from Paramount provide a set of protections that will help safeguard the continued availability of a diverse range of broadcasting and on-demand services in the U.K.; the continuation of their distinct editorial identities; and, the distinct editorial identities of key U.K. news programs.”
A Paramount spokesperson said in a statement, “These conclusions further demonstrate the misguided and gerrymandered market definitions relied upon by the U.S. state AGs in their antitrust complaint in California.”
More to follow.
