UK competition authority to investigate Paramount-WBD merger

"The film and TV industries contribute billions to our economy, so it’s important we assess whether deals between studios may harm competition... We expect to launch our phase 1 investigation in the coming weeks,” a CMA spokesperson said in a statement to Reuters.

In February 2026, Paramount outbid Netflix in its bid to acquire WBD, which includes the famed Warner Bros. movie studio, streamer HBO Max, news network CNN, and dozens of cable channels.

The company agreed to pay a $7bn termination fee if regulators block the deal.

News of the likely probe comes as more than 1,000 filmmakers and executives signed an open letter expressing their “unequivocal opposition” to the merger.

The letter, signed by filmmakers such as JJ Abrams, David Fincher, Ben Stiller, and Denis Villeneuve, said: “This transaction would further consolidate an already concentrated media landscape, reducing competition at a moment when our industries – and the audiences we serve – can least afford it. The result will be fewer opportunities for creators, fewer jobs across the production ecosystem, higher costs, and less choice for audiences in the United States and around the world. Alarmingly, this merger would reduce the number of major US film studios to just four.”

The letter was organised by groups including the Committee for the First Amendment, the Future Film Coalition, the Writers Guild of America, and the Democracy Defenders Fund.

Jeff Shell, President of Paramount Skydance, recently revealed that he will be stepping down after eight months in the role. Discover more here.