UK government says it’s likely to challenge $110 billion Paramount-Warner Bros. merger
By Ivana Kottasová, Brian Stelter, CNN
London (CNN) — The British government said on Tuesday that it is likely to challenge Paramount Skydance’s takeover of Warner Bros. Discovery, potentially complicating the finalization of the $110 billion merger.
The British culture minister Lisa Nandy said in a statement that she was “minded to intervene” in Paramount’s quest to acquire CNN, HBO, the Warner Bros. movie studio and other Warner Bros. Discovery assets, citing concerns about its potential impact on media diversity.
“Following engagement with the parties and independent research, my Department has today written to the current and proposed owners of Warner Bros Discovery on my behalf to inform them that I am minded to intervene,” Nandy said in a statement.
In the UK, the term “minded to” is used by government officials to announce they will make a move before taking the legal steps to do so.
Nandy said she has not made a “final decision on intervention at this stage.” The companies now have a week to respond to her letter.
But Nandy clearly intends to intervene, and if she moves forward, the probe will be a significant hurdle for Paramount to overcome. The British media regulator, Ofcom, would be tasked with assessing the deal, on top of the Competition and Markets Authority probe that’s already underway.
Nandy said she was considering intervening on public interest grounds, including ensuring there is a “sufficient plurality of views in news media” and a “sufficient plurality of persons with control of the media enterprises.”
Responding to Nandy’s statement, a Paramount spokesperson told CNN: “We are grateful for the continued constructive engagement with all interested government bodies and relevant authorities, including in the UK. We are confident that our proposed transaction does not pose any media plurality issues in the UK and remain confident in our stated transaction timeline.”
Paramount has said that it expects the deal to take effect in the third quarter of this year, meaning by the end of September. Corporate meetings about how to integrate Paramount and WBD have been taking place for months already.
Paramount has already cleared regulatory hurdles in many other countries, including in the US, where the Justice Department signed off on the deal earlier in June without requiring any concessions. Critics have charged Paramount with cozying up to the Trump administration to win favorable treatment from the Justice Department.
CNN has reached out to Warner Bros. Discovery for comment.
This is a developing story and will be updated.
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