Overview
- British regulator the Competition and Markets Authority launched a 40‑working‑day Phase 1 inquiry this week and the European Commission opened a standard merger review plus a separate Foreign Subsidies Regulation probe on June 10.
- Paramount disclosed that three Gulf sovereign wealth funds pledged about $24 billion and would hold roughly 38.5% of non‑voting equity while the company says those investors will have no board seats or governance rights.
- Several other jurisdictions including Australia and New Zealand have signaled clearance or no action and Warner shareholders approved the sale, but those approvals do not affect the UK or EU review timetables.
- The deal still faces U.S. risk from an active DOJ review and a possible multi‑state antitrust lawsuit led by California, and contractual ticking fees plus a $7 billion termination fee raise financial pressure if regulatory clearance is delayed.
- Key near‑term dates to watch are the EU merger decision on or before July 7, the EU foreign subsidies deadline on or before July 14, and the CMA’s Phase 1 decision by August 7, any of which could force remedies, a deeper probe, or block the transaction.