Paramount Skydance’s $111bn acquisition of Warner Bros. Discovery (WBD) has been given the greenlight by UK authorities.
The UK’s Competition and Markets Authority has ruled that there are no competition aspects to the proposed merger in the UK which require their further intervention.
In parallel, the Culture Secretary Lisa Nandy has cleared the deal despite previously saying she was “minded” to examine it in more detail. Nandy said she wouldn’t intervene on the basis of several “legally binding commitments” from Paramount related to its footprint in UK broadcasting, on-demand entertainment, and UK news provision.
As part of the commitments, Paramount has pledged to run Channel 5 as a public service broadcaster until the end of 2034. Nandy’s department also secured a guarantee that Channel 5 would continue to back UK-originated content covering drama, factual, and entertainment shows.
Channel 5 News will retain its editorial independence and will remain separate from other news operations covered by the merger, CBS News, and CNN International.
Paramount has agreed that its linear and on-demand services in Britain will retain distinct editorial identities for five years, including its children’s TV channels Nickelodeon and Cartoon Network.
Last month, Paramount was forced to delay its merger with WBD due to pending lawsuits by US states and the Writers Guild of America. Discover more here.
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