The Competition and Markets Authority, which serves as the U.K.’s competition regulator, has commenced an investigation into the proposed Paramount Skydance acquisition of Warner Bros. Discovery says Reuters.
The CMA has until August 7th to announce whether it will approve the deal or refer the merger for a more in-depth probe.
If it proceeds into a more in-depth Phase 2 investigation after that date, said investigation could take up to five months.
The concern is if the $110 billion acquisition deal will lead to a “substantial lessening of competition” in an industry or region within the United Kingdom.
The deal has already been subjected to regulatory scrutiny across North America and Europe, with writers, actors, filmmakers and exhibitor groups all concerned about the impact this could have on the entertainment business and consumers.
California, New York and other U.S. states are already reportedly preparing a lawsuit to try and block the deal.
Source: Variety
