economy
UK ‘minded’ to intervene in Paramount’s $110bn takeover of Warner Bros Discovery
Lisa Nandy to ask regulators to assess mega-merger involving Channel 5, CNN and TNT Sports on grounds of media plurality and competition
TL;DR
- UK Culture Secretary Lisa Nandy is considering asking Ofcom and the CMA to examine Paramount's $110bn acquisition of Warner Bros Discovery.
- The deal would create a media powerhouse controlling assets such as Superman, Batman, Top Gun franchises, Channel 5, CNN, TNT Sports, Paramount+, and HBO Max.
- Nandy is concerned about the impact of the merger on media plurality and potential competition issues.
- She may legislate to include streaming and on-demand services in the review of media mergers, as current legislation does not cover them.
- Paramount expressed confidence that the deal would clear UK scrutiny without significant delays.
- The acquisition is backed by David Ellison, whose father Larry Ellison provided a $40bn personal guarantee, with significant investment from Middle East sovereign wealth funds.