Paramount Skydance Secures Australian and New Zealand Regulators for Warner Bros. Discovery Deal

On June 9 2026 the Australian Competition and Consumer Commission (ACCC) issued a decision allowing the Paramount-Skydance acquisition of Warner Bros. Discovery to proceed, subject to a 14-day waiting period that ends at 10:00 a.m. Eastern Time on June 23 2026. The ACCC concluded the merger is unlikely to substantially lessen competition in the wholesale supply of theatrical films. The New Zealand Commerce Commission (NZCC) indicated it does not intend to consider the merger further, granting clearance. Paramount’s filing states the offer is $31 per share, valuing Warner Bros. Discovery at $110 billion enterprise value and $81 billion equity value, a transaction framed as a $111 billion takeover. The agreement includes a $0.25-per-share quarterly “ticking fee” if closing occurs after September 30 2026.

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Paramount Skydance has secured competition clearances in Saudi Arabia, Ukraine, Serbia and North Macedonia, and investment approvals in Germany, Slovenia, Belgium, Czechia, Italy, France, Romania and New Zealand. The transaction remains subject to review by the U.S. Department of Justice, the EU and the United Kingdom. The UK Competition and Markets Authority (CMA) opened a Phase 1 inquiry by August 7 2026 to assess a “realistic prospect of a substantial lessening of competition.” The EU’s Phase 1 review will conclude by July 7 2026.

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The ACCC’s assessment emphasizes that, despite eliminating direct competition between Paramount and Warner Bros., the merged firm will remain constrained by other major studios, limiting any ability to foreclose rivals’ access to audiovisual content. The NZCC’s statement confirms that its voluntary clearance regime does not require a formal decision. The CMA’s Phase 1 inquiry will determine whether the merger poses a realistic prospect of substantially lessening competition, with a possible escalation to Phase 2. EU antitrust officials have indicated a similar review timeline. Critics note that removing a direct rival could increase market concentration in film distribution.

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• “In connection with the merger, on June 9, 2026, the Australian Competition and Consumer Commission (ACCC) published its decision that the merger may be consummated, subject to expiration of a 14-calendar-day waiting period,” — Australian Competition and Consumer Commission (ACCC)

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• “[T]he merged entity is unlikely to have a sufficiently strong position in the supply of wholesale [audiovisual] content to enable it to successfully foreclose rivals’ access to [audiovisual] content.” — ACCC

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• “it does not intend to consider the merger further,” — New Zealand Commerce Commission (NZCC)

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• “The waiting period is scheduled to expire at 10:00 a.m., Eastern Time, on June 23, 2026.” — Paramount Skydance filing

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• “realistic prospect of a substantial lessening of competition.” — Competition and Markets Authority (CMA)

Deadline Hollywood

The CMA must issue its Phase 1 decision by August 7 2026, and the EU will complete its Phase 1 review by July 7 2026. The United States Department of Justice has not announced a deadline for its assessment. Assuming all pending clearances are obtained, Paramount and Warner Bros. Discovery aim to close the transaction in the third quarter of 2026. If the deal remains unclosed after September 30 2026, the $0.25-per-share ticking fee will begin accruing.

Deadline Hollywood