Paramount has secured approval from Britain's Competition and Markets Authority for its £82 billion takeover of Warner Bros. Culture Secretary Lisa Nandy decided not to intervene in the transaction after the US firm agreed to legally binding commitments to preserve public service broadcasting, children's content, and news editorial independence.
The tie-up will create one of the world's largest film and TV groups. The combined business will control news networks CNN and CBS, television network HBO, and Channel 5 in the UK, as well as the film studios behind franchises such as Batman and Top Gun, starring Tom Cruise.
Paramount boss David Ellison, son of tycoon and Donald Trump ally Larry Ellison, assured the UK Government that Channel 5 News will maintain its editorial independence and remain separate from other news operations.
Paramount also guaranteed not to reduce the number of staff commissioning content in the UK, while committing Channel 5 to continue backing British-produced programming.
UK Approval and US Legal Hurdles
The Competition and Markets Authority cleared the merger following similar approval from regulators in the European Union.
David Ellison must now secure approval in the United States, where several states currently oppose the deal.
