Britain's Competition and Markets Authority (CMA) has officially launched a Phase 1 inquiry into Paramount Skydance's proposed $110 billion acquisition of Warner Bros. Discovery. The regulator will assess whether the combination of the two Hollywood giants could substantially lessen competition within the UK's media and entertainment market.
The CMA has set a deadline of August 7, 2026, to conclude its initial review. At that point, it will either approve the transaction or, if it has outstanding concerns, escalate the probe to a more in-depth Phase 2 investigation. A Paramount spokesperson indicated the review was an expected part of the process and the company would cooperate with the regulator. This scrutiny adds to regulatory reviews already underway in other jurisdictions, including the European Union.