The U.S. Department of Justice has reportedly approved Paramount Skydance’s $111 billion acquisition of Warner Bros. Discovery, according to multiple insider reports. The move clears a major federal hurdle for one of the largest media mergers in recent years, even as political and legal pressure continues to build.
An official announcement from the DOJ’s Antitrust Division has not yet been released. Still, investors reacted quickly. Paramount’s stock rose about four percent on Friday after news of the approval began circulating.
According to Politico, regulators approved the deal without requiring divestitures, behavioral remedies, or concessions. The report said officials conducted a detailed review and determined the merger did not pose a threat to market competition.
That conclusion is likely to face pushback. Several state attorneys general are expected to review the deal, including California Attorney General Rob Bonita, a Democrat. Legal challenges at the state level could slow or complicate the path forward.
The deal has already drawn sharp industry tension. In February, Paramount offered $31 per share to acquire Warner Bros. Discovery, a move that effectively pushed Netflix out of the bidding process. Since then, Paramount has accused Netflix of trying to derail the agreement behind the scenes.
In a June 5 letter, Paramount chief legal officer Makan Delrahim claimed Netflix launched what he described as a coordinated effort to influence regulators. He wrote that Netflix was attempting to “poison regulators” against the merger and warned that the company viewed Paramount as a serious competitive threat.
“Netflix’s panic-level response and scorched-earth campaign to try and poison regulators and other stakeholders against the transaction shows just how seriously Netflix takes Paramount as a scaled competitor,” Delrahim wrote.
Paramount Skydance signaled confidence after the reported DOJ approval. In a statement released Friday, the company said the deal would strengthen its position in a fast-changing entertainment market.
“We are grateful for the Department of Justice’s thorough review of this transaction,” the company said. “This deal is pro-competitive, resulting in a stronger company better positioned to compete against dominant technology platforms in an industry increasingly defined by intense competition for audiences, talent, technology and investment.”
Not everyone is convinced. Massachusetts Senator Elizabeth Warren, a Democrat, strongly criticized the reported approval and framed the merger as a threat to consumers.
“This is terrible news for every American who doesn’t want Trump-aligned billionaires to control what they watch and how much they pay,” Warren wrote on social media. She also claimed the deal “reeked of corruption and influence-peddling” and urged state attorneys general to block it.
Remember that time Elizabeth Warren helped block the merger between JetBlue and Spirit Airlines…and then Spirit went out of business costing 17,000 people their jobs?
Good times.
— Boyd Crowder (@TTNSSE) June 12, 2026
The clash highlights growing political tension over who controls major media platforms as consolidation accelerates. For now, Paramount appears closer than ever to closing the deal, but the fight may still be far from over.
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