UK Watchdog Seeks Public Input on $110 Billion Paramount–Warner Bros. Discovery Merger

Overview

• The Competition and Markets Authority opened an invitation to comment on the merger and set April 27 as the deadline for submissions.
• The regulator said it has completed pre-notification and expects to begin a Phase 1 investigation in the coming weeks.
• In Phase 1, officials have 40 working days to decide if the deal should go to a deeper Phase 2 review that can last up to 24 weeks.
• Shareholders vote on April 23, and the companies are targeting a third‑quarter close with a per‑quarter fee after September 30 and a $7 billion break fee if regulators block the deal.
• Oversight in the United States remains possible, with the DOJ able to challenge after the HSR wait ended and some lawmakers urging a CFIUS review, as prominent filmmakers publicly oppose the merger.