UK ‘minded to’ intervene in Paramount’s $110bn takeover of Warner Bros Discovery
Summary
The UK culture secretary, Lisa Nandy, plans to ask British regulators to investigate Paramount’s $110 billion purchase of Warner Bros Discovery. She is concerned about how this large media deal might affect competition and the variety of media available to UK viewers, including TV channels and streaming services.Key Facts
- Paramount is buying Warner Bros Discovery for $110 billion.
- The deal would combine many media assets, including Channel 5, CNN, TNT Sports, Paramount+, and HBO Max.
- Lisa Nandy wants the communications regulator Ofcom to study the impact on media variety in the UK.
- She also may ask the Competition and Markets Authority (CMA) to check competition issues from the merger.
- Current UK law does not fully cover streaming and on-demand services, so Nandy may introduce new rules to include these.
- Nandy has given the companies until July 6 to respond before deciding on intervention.
- Paramount expects the deal to pass UK reviews without major delays.
- Major investors include the Ellison family, Middle East sovereign wealth funds from Saudi Arabia, Abu Dhabi, and Qatar, but only the Ellison family and RedBird Capital have voting control.
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