UK Clears Paramount-WBD Merger With Covenant Safeguards

The UK CMA cleared Paramount’s $111 billion takeover of Warner Bros. Discovery, with culture secretary Lisa Nandy opting not to intervene. A deed of covenant prevents combining linear channels with streaming and preserves Channel 5 News editorial independence for five years. The UK clearance, along with EU and other territories’ approvals, leaves the deal on track, though a U.S. antitrust trial is set for March 2027. CMA found no concerns on theatrical distribution, and the government did not pursue secondary legislation to empower Ofcom to review streaming impacts.