Britain said on Tuesday (30 June) it could intervene in Paramount Skydance Corp’s proposed $110 billion takeover of Warner Bros. Discovery, potentially delaying one of the largest media mergers in recent years despite approvals from the United States, China and several other major markets.
The move could trigger a formal review by the UK’s Competition and Markets Authority, raising questions over competition, media plurality and the future of children’s television content.
British Culture Secretary Lisa Nandy said the merger could affect news output, children’s television and streaming services in Britain.
Nandy has given both companies until 6 July to respond to concerns before deciding whether to issue a public interest intervention notice.
Such a move would launch separate investigations by the CMA and media regulator Ofcom.
Paramount owns Channel 5, while Warner owns CNN International, with officials particularly focused on media plurality and market concentration.
The proposed merger has already been approved in the United States, China, Australia, Germany, France and Saudi Arabia.
EU regulators are still reviewing the deal, with Paramount expected to offer concessions to address competition concerns.
The UK’s scrutiny could still delay the timeline significantly.
Under the merger terms, Paramount agreed to pay Warner shareholders a “ticking fee” of 25 cents per share for every quarter the deal remains incomplete after 30 September, amounting to roughly $650 million per quarter.
Nandy said children’s content is a particular concern, noting Paramount and Warner are Britain’s second and third largest providers of linear children’s programming after the BBC.
However, Ofcom’s 2025 report found younger audiences increasingly turn first to YouTube rather than traditional television.
Paramount said it remained confident the deal would proceed on schedule and argued the merger posed no threat to media plurality.
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