The Department of Justice has given the green light for Paramount Skydance to take over Warner Bros. Discovery in a mega-merger that will reshape Hollywood. The DOJ said in a statement that the transaction is not likely to result in harm to competition or American consumers.

Background

Paramount and Warner Bros. Discovery still face a potential lawsuit by a coalition of state attorneys general who have said the Trump administration is failing to enforce antitrust law. The state-level legal action could slow the merger process, though Paramount executives say such a lawsuit would be meritless.

Sen. Elizabeth Warren, one of the deal’s most vocal critics, called the DOJ approval ‘terrible news for every American who doesn’t want Trump-aligned billionaires to control what they watch and how much they pay,’ and urged state attorneys general to step in. The companies are also still awaiting key reviews by the European Union and the United Kingdom.

Paramount says the deal is ‘fundamentally pro-competitive.’ As for the prospect of taking control of CNN, which has raised alarms among press freedom groups, the company says it is committing to ‘invest in the future of journalism, not diminish it.’ Paramount has sought to secure all the necessary approvals and take control of WBD in the third quarter of the year.

Original reporting: KRDO (Colorado Springs metro) — read the source article.