LOS ANGELES, California — Chinese regulators have cleared the $110-billion merger between Paramount Skydance and Warner Bros Discovery, according to a source familiar with the decision.
The antitrust ruling comes on the heels of similar approvals from the United States Department of Justice, and a number of other countries, including Australia, Germany, France and Saudi Arabia. China, where both Paramount and Warner Bros Discovery release films, also needed to sign off on the deal.The European Union has yet to weigh in on the combination. China has been a diminishing source of revenue for Hollywood, as its domestic movie industry matures. Some films, like Warner Bros’ 2023 film “Meg 2: The Trench,” grossed $53.3 million in China during its opening weekend. However, Paramount’s 2022 blockbuster “Top Gun: Maverick” was never released — a casualty of heightened tensions between the US and China. On June 9, Britain’s competition regulator formally began its review of Paramount’s planned $110-billion acquisition of Warner Bros Discovery after ending the first part of its information gathering process. The deadline of the first phase of the review is set on Aug. 7, after which the Competition and Markets Authority will arrive at a decision whether to clear the deal or refer it for a more in-depth probe.
