UK “minded to intervene” in $110bn Paramount-WBD merger

According to the statement written to the UK parliament, Nandy's intervention would be based on the Enterprise Act 2002 and concerns over “the plurality of views in news media” and the “plurality of persons with control of the media enterprises, or… on-demand programme services” in the UK.

Under section 42 of the act, Nandy may specify a new public interest consideration for Ofcom to consider in relation to the merger. Specifically, this is because “the legislation was drafted at a time when viewing was largely via broadcast linear channels” and “it does not cover the effect of a merger on streaming or video-on-demand services”.

On this note, the MP emphasised: “I believe this ought to be able to be considered in relation to this and all future media mergers given the role on-demand viewing now plays in the market… If I decide to intervene in this merger on the basis, I will bring forward secondary legislation to finalise this public interest consideration as the Enterprise Act requires me to do.”

If Nandy decides to issue an intervention notice, the next stage would be for Ofcom to assess and report to me on the public interest considerations, and for the Competition and Markets Authority (CMA) to assess and report on whether a relevant merger situation has been created, and any impact this may have on competition.

Following these reports, Nandy would need to decide whether to refer the matter for a more detailed investigation by the CMA under section 45 of the act.

In the statement submitted on 30 July 2026, Nandy wrote: “Under the Enterprise Act 2002, I can intervene if I have reasonable grounds to suspect that arrangements are in contemplation which, if carried into effect, will result in the creation of a relevant merger situation and I believe that one or more public interest considerations under the act may be relevant.

“Following engagement with the parties and independent research, my Department has today written to the current and proposed owners of Warner Bros Discovery on my behalf to inform them that I am minded to intervene on the following public interest grounds: the need for, to the extent that it is reasonable and practicable, a sufficient plurality of views in news media in each market for news media in the United Kingdom or a part of the UK [and] the need, in relation to every different audience in the UK, or in a particular area or locality of the UK, for there to be a sufficient plurality of persons with control of the media enterprises, or the enterprises providing on-demand programme services or both, serving that audience.

“I am conscious that the proposed acquisition is global in nature. In reaching this decision, my focus has been, and will remain, on the UK public interest and the range of services available to UK audiences, including Channel 5, TNT Sports, Cartoon Network, Nickelodeon, and CNN International, as well as Paramount+ and HBO Max.

“The public interest consideration regarding plurality of persons with control of media enterprises, or enterprises providing on-demand programme services, is not currently specified in section 58 of the act. However, under section 42 of the act, I may specify a new public interest consideration for Ofcom to consider in relation to the merger, if I consider it ought to be specified in section 58. As the legislation was drafted at a time when viewing was largely via broadcast linear channels, it does not cover the effect of a merger on streaming or video-on-demand services. I believe this ought to be able to be considered in relation to this and all future media mergers given the role on-demand viewing now plays in the market. If I decide to intervene in this merger on the basis, I will bring forward secondary legislation to finalise this public interest consideration as the Enterprise Act requires me to do.

“It is important to note that I have not taken a final decision on intervention at this stage. The ‘minded to’ letter invites further representations in writing from the parties and gives them until 6 July 2026 to respond.”

Meanwhile, in a parallel investigation across the globe, the Australian Competition and Consumer Commission (ACCC) has ruled that the merger may be carried out, following a 14-day waiting period. The waiting period is scheduled to expire at 10:00am (Eastern Time) on June 23, 2026.

Additionally, in recent weeks, the US Department of Justice approved Paramount Skydance's acquisition after a "rigorous" investigation that found the deal was "not likely to result in harm to competition or American consumers."

Likewise, Paramount has received the necessary approvals for the merger from competition authorities in Saudi Arabia, Ukraine, Serbia, and North Macedonia, and from foreign direct investment authorities in Germany, Slovenia, Belgium, Czechia, New Zealand, Italy, France, and Romania.

The CMA recently published the commencement notice for its investigation of Paramount Skydance’s anticipated acquisition of WBD, marking the official beginning of the inquiry. Discover more here.