This is read by an automated voice. Please report any issues or inconsistencies here.<\/p>\n
See more from the L.A. Times in Google Search. Set us as preferred<\/p>\n
British regulators on Thursday cleared tech scion David Ellison\u2019s $111-billion deal to buy Warner Bros. Discovery \u2014 the latest international agency to find the blockbuster combination of TV channels and historic film studios wouldn\u2019t dampen competition.<\/p>\n
Britain\u2019s Competition and Markets Authority and the government\u2019s culture minister separately reviewed Paramount Skydance\u2019s proposed Warner acquisition, which is facing significant turbulence in the U.S. as California Atty. Gen. Rob Bonta leads a coalition of state attorneys general who are battling to try to unravel the mammoth deal.<\/p>\n
\u201cThe evidence shows that, after the merger, Paramount will continue to face sufficient competition in the various areas it operates in, including the production and distribution of films and TV content, the supply of children\u2019s channels to pay-TV providers and the supply of streaming services,\u201d the authority said in a statement.<\/p>\n
Earlier this summer, Secretary of State for Digital, Culture, Media and Sport Lisa Nandy said she was weighing whether to intervene by launching an in-depth investigation into potential harms that could result from the proposed Paramount-Warner Bros. combination.<\/p>\n
Nandy opted not to issue an \u201cintervention notice\u201d after striking an agreement with Paramount that provides \u201cassurances and legally-binding commitments\u201d that the company would not abuse its market clout.<\/p>\n
\u2018For US consumers, this merger has become a proxy fight about political influence and control of media,\u2019 according to Forrester Research. \u2018In the UK, it\u2019s being treated as a structural competition issue where regulators, not consumers, will decide.\u2019<\/p>\n
The authority\u2019s approval was significant because Paramount owns CBS News, children\u2019s channel Nickelodeon and Channel 5, one of the largest over-the-air television broadcasters in the United Kingdom.<\/p>\n
Warner Bros. Discovery owns HBO, CNN, Cartoon Network and TNT Sports, which broadcasts the Olympics, Champions League and Premier League soccer matches.<\/p>\n
Ellison and his team now have won clearances from 66 antitrust regulators, including the U.S. Department of Justice, and regulators in Australia, Germany, France, Italy, China and Canada, among others. The European Commission also approved the deal last month.<\/p>\n
\u201cThese clearances recognize that the combination of Paramount and WBD will enhance consumer choice and enable a creative-first company to invest in more projects and bring stories to audiences worldwide,\u201d Paramount said in a statement.<\/p>\n
Bonta and his fellow Democrat state attorneys general have won early victories in their court battle, and a federal judge this week scheduled a March trial \u2014 months later than Paramount had hoped \u2014 to determine whether the merger would violate the century-old U.S. Clayton Antitrust Act.<\/p>\n
Paramount is facing a June 4 deadline to finalize the deal or pay Warner a $7-billion break-up fee.<\/p>\n
Winning a restraining order will be a crucial test for California Atty. Gen. Rob Bonta and his group. Some observers see the states\u2019 efforts as an uphill climb because the U.S. Justice Department last month approved the merger.<\/p>\n