Mumbai: Paramount Skydance has crossed a critical regulatory milestone in its $108bn pursuit of Warner Bros Discovery, after US antitrust authorities allowed the statutory waiting period under the Hart-Scott-Rodino (HSR) Act to lapse without objection. The move removes a significant procedural hurdle and strengthens Paramount’s hand in its high-stakes contest with Netflix.
In a regulatory filing, Paramount Global said the expiration of the HSR waiting period means there is no statutory barrier in the US to closing its proposed acquisition of WBD. While the development does not amount to formal approval — and regulators retain the right to challenge the deal later — it effectively clears the transaction on immediate antitrust grounds in the US.
Political Undertones Add New Dimension
The timing and speed of the review are likely to be read in industry circles as a positive signal from the administration of Donald Trump. Paramount’s bid is backed by Larry Ellison, the Oracle billionaire and prominent Trump donor. According to people familiar with the matter, Paramount chief executive David Ellison met the president earlier this month.
The contrast with Netflix’s proposed $83bn acquisition of WBD is notable. Netflix remains under an early-stage Department of Justice review to assess whether its transaction could curb competition. So far, the DoJ has not moved to block the streaming giant’s bid.
Netflix’s chief legal officer, David Hyman, has cautioned against reading too much into routine regulatory milestones, arguing that the expiration of the waiting period does not equate to approval or signal a final decision.
Paramount Reopens Talks as Deadline Looms
With US antitrust uncertainty reduced, Paramount is now expected to re-engage WBD’s board in an effort to outmanoeuvre Netflix. Earlier this week, WBD granted Paramount a seven-day window — ending February 23 — to submit what it termed a “best and final offer” or withdraw from the process.
Although the HSR milestone strengthens Paramount’s negotiating position, the company must still persuade WBD’s directors and shareholders that its offer delivers superior long-term value.
Scrutiny Far From Over
Regulatory challenges could yet emerge outside the US. Both bidders are likely to face deeper competition reviews in jurisdictions such as the UK and the European Union, where media consolidation and streaming dominance remain politically sensitive issues. Paramount said it continues to engage with regulators globally.
Domestically, the deal has drawn attention from Democratic lawmakers. Senators including Cory Booker, Elizabeth Warren, Chuck Schumer and Dick Durbin have written to David Ellison seeking assurances that records related to the transaction will be preserved. The lawmakers signalled concerns about competition and transparency, particularly after Paramount’s leadership declined to testify at a congressional hearing attended by executives from Netflix and WBD.
A Blockbuster Battle for Scale
At stake is control over one of Hollywood’s most valuable content libraries and production engines. The winner would gain greater scale to compete in a streaming market increasingly defined by consolidation, rising content costs and intensifying rivalry.
The DoJ’s decision echoes previous instances where regulators allowed waiting periods to expire but retained the option to challenge deals later. For now, however, Paramount has gained crucial momentum in a takeover contest that could reshape the global media landscape — and test how far political influence intersects with antitrust enforcement in Washington.
