Paramount Says Regulatory Waiting Period for Warner Bid Ends

Core Viewpoint - Paramount Skydance Corp. is moving forward with its proposed $77.9 billion acquisition of Warner Bros. Discovery Inc. after clearing a US antitrust hurdle, claiming no statutory impediments exist in the US for closing the deal [1] Group 1: Acquisition Details - Paramount has complied with the US Justice Department's second-request review process under the Hart-Scott-Rodino Act, with a 10-day waiting period expiring [1] - Warner Bros. has a signed agreement to sell its studio and streaming business to Netflix for $72 billion, and has given Paramount a deadline of February 23 to submit its best and final offer [3] - Paramount is attempting to leverage the expiration of the waiting period to suggest regulatory approval and influence Warner Bros. shareholders against the Netflix deal, with a shareholder vote scheduled for March 20 [9] Group 2: Regulatory Scrutiny - The Justice Department could still sue to block the transaction, as it has done in other cases, and both Netflix and Paramount will face scrutiny in the US and the European Union [5] - California Attorney General Rob Bonta is closely examining the proposed purchase, stating that further consolidation in key markets does not benefit the economy or competition [6] - The Justice Department is conducting in-depth reviews of both Netflix and Paramount's offers, with federal officials seeking information from key Hollywood constituencies [10] Group 3: Competition Concerns - The merger of Warner Bros. and Netflix raises significant antitrust concerns, particularly regarding the impact on streaming content competition and labor [12] - Lawmakers have expressed concerns about the potential impact on consumer choice and jobs in California, with a group of Democratic lawmakers highlighting significant competition concerns [13]