The UK may intervene in Paramount’s takeover of Warner Bros Discovery

The British government may intervene in the $ 111 billion takeover of Warner Bros. Discovery by Paramount Skydance, citing concerns about the need to have more opinions in news and media ownership in the UK.

The UK’s culture secretary Lisa Nandy said on Tuesday she was “willing to intervene” in the deal, which would create the world’s largest media and entertainment group.

The acquisition would result in the addition of WBD TV channels such as CNN, HBO, and Warner Bros. movies to Paramount’s stable, which includes CBS in the US and Channel 5 in the UK.

Nandy said in his speech to parliament that he has written to the existing owners of WBD and wants to inform them that he wants to intervene for reasons of public interest.

These include the need to have sufficient media coverage in the UK, and the need to have sufficient ownership of media companies.

Its focus will be on businesses that operate in the UK and provide a range of services available to UK audiences, including Channel 5, TNT Sports, Cartoon Network, Nickelodeon and CNN International, as well as streamers Paramount + and HBO Max.

A final decision on the action has not been taken, Nandy added, and Paramount has been given until July 6 to respond. If they decide to go ahead, the deal will be scrutinized by Ofcom and the Competition and Markets Authority, which has already launched an investigation into the merger for alleged antitrust reasons.