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Paramount Skydance’s $108B Bid for Warner Bros Discovery Clears Key US Antitrust Hurdle

By  |  February 22, 2026

Paramount Skydance has moved a step closer to securing Warner Bros Discovery after US antitrust authorities allowed a critical review period to expire, potentially reshaping the contest with Netflix for control of the media group.

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    The company confirmed on Friday that its proposed $108bn acquisition had satisfied the US Department of Justice’s “second request” review under the Hart-Scott-Rodino Act, according to The Financial Times. The expiration of the statutory waiting period removes a significant procedural barrier to closing the transaction in the United States.

    In a regulatory filing, Paramount stated that the conclusion of the HSR waiting period means there is no statutory obstacle in the US to completing its proposed acquisition of WBD. Per The Financial Times, the lapse of the 10-day period effectively clears the path on antitrust grounds, although it does not constitute formal approval.

    The bid, financially backed by Oracle billionaire Larry Ellison, a prominent donor to former president Donald Trump, is widely seen as politically sensitive. According to The Financial Times, the relatively swift clearance is likely to be interpreted across the industry as a sign of support from the White House, particularly as Trump allies expand their influence within the US media sector.

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    By contrast, Netflix’s $83bn offer for Warner Bros Discovery is undergoing an early-stage review by the Department of Justice to determine whether the combination would limit competition. Per The Financial Times, the DoJ has not initiated legal action to block Netflix’s transaction, but the review remains ongoing.

    Related: Warner Bros Discovery Gives Paramount One Week to Improve $30-Per-Share Bid as Netflix Deal Advances

    Despite Paramount’s progress, regulatory risk has not entirely disappeared. According to The Financial Times, the expiration of the HSR waiting period does not prevent US authorities from challenging the deal later. Federal agencies have previously sought to unwind or block transactions even after the HSR process concluded, including UnitedHealth’s acquisition of Amedisys.

    Netflix has pushed back against interpretations that Paramount’s regulatory milestone reflects government endorsement. “Paramount Skydance continues to mislead stockholders and distract from the facts,” David Hyman, Netflix’s chief legal officer, said on Friday. “Routine HSR milestones do not signal DoJ approval nor that any decision has been made.”

    The competitive dynamics remain fluid. Warner Bros Discovery has reportedly given Paramount a seven-day window, ending February 23, to submit what it described as its best and final offer. Per The Financial Times, Paramount is now re-engaging with WBD in hopes of surpassing Netflix’s proposal.

    Both bids are expected to draw additional scrutiny beyond the US. According to The Financial Times, competition regulators in jurisdictions including the UK and the European Union are likely to examine the transactions closely. Paramount said it continues to engage constructively with antitrust enforcers and other regulators globally as it seeks to advance its offer.

    Source: The Financial Times