DOJ paves way for Paramount Skydance to buy Warner Bros. Discovery

Federal antitrust enforcers on Friday cleared Paramount Skydance’s $110 billion deal to buy Warner Bros. Discovery. 

In a statement, the Department of Justice’s Antitrust Division said it had closed its probe of the acquisition after determining that the transaction “is not likely to result in harm to competition or American consumers.”

“The extensive investigatory record reviewed by the division suggests that the impact of the transaction will be to increase competition across the media and entertainment ecosystem, with benefits for American consumers and workers,” the agency said.

Paramount Skydance is the parent company of CBS News.

The deal still faces legal hurdles from multiple state attorneys general who have threatened to challenge the transaction. 

This is a breaking story and will be updated.