British Government Likely to Intervene in Paramount’s Proposed $110 Billion Takeover of Warner Bros. Discovery

The British government has signalled that it is likely to intervene in Paramount Skydance’s proposed $110 billion takeover of Warner Bros. Discover, citing concerns about maintaining media plurality.

Lisa Nandy, the U.K.’s Secretary of State for Culture, Media and Sport, said in a statement on ‌Tuesday, “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.”

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The move was prompted by concerns about the impact the deal might have on U.K. television audiences, ​including broadcasters and channels such as Channel 5, Cartoon ‌Network, ⁠Nickelodeon and CNN International, as well as streaming platforms Paramount+, TNT Sports and HBO Max.

Nandy is looking to broaden public interest ​rules to ​better reflect ⁠the growth in streaming, she said.

The deal has previously been cleared in the U.S, China, Australia, Germany, ​France and Saudi Arabia, and it is thought likely the European Union will give it the greenlight if certain “remedies” are made, such as the ending of the Paramount-Universal distribution joint-venture known as UIP.

More to follow.