
Paramount Skydance Corp said its pending merger with Warner Bros Discovery Inc has satisfied all regulatory clearances required under the deal.
The eight-month review process spanned 68 jurisdictions, including the US, EU and China, and regulators “have consistently found no basis to prevent the transaction from moving forward,” the media and entertainment company said in a statement on Friday.
Even though federal regulators like the US Department of Justice have greenlit the deal, Paramount is still facing an antitrust lawsuit from a group of 12 states led by California Attorney General Rob Bonta.
“The litigation brought by the State of California and 11 other state AGs remains the final obstacle to completing a combination that will create a stronger competitor with greater capacity to invest in premium content,” Chief Executive Officer David Ellison said.
The states’ lawsuit alleges that the $110 billion merger between Paramount and Warner Bros would hurt film and television distribution and result in fewer jobs in the media and entertainment industry. The lawsuit is set to go to trial in March.
Paramount said it has offered “commitments and concessions” to the states’ AGs in an effort to win approval.
