UK government signals possible intervention in Paramount-WBD merger
7 reported
British culture minister Lisa Nandy has informed Paramount and Warner Bros Discovery that she is "minded to intervene" in their proposed $110bn takeover on public interest grounds, according to a written answer to parliament. Nandy cited concerns about maintaining sufficient plurality of views in UK news media and ensuring a sufficient number of media enterprises serving different audiences. The Department for Culture, Media and Sport has sent a "minded to" letter to the current and proposed owners, giving them until July 6 to respond. If an Intervention Notice is issued, Ofcom and the Competition and Markets Authority would assess public interest and competition considerations before a potential referral for detailed investigation. The merger would combine Paramount and HBO Max streaming services, Channel 5, TNT Sports, and several Hollywood studios and cable networks. The UK competition watchdog had already opened an investigation earlier this month, while the deal has been approved by the US Department of Justice.
What’s reported
Lisa Nandy is "minded to intervene" in Paramount's proposed $110bn takeover of Warner Bros Discovery on public interest grounds.
The "minded to" letter invites further representations from the parties and gives them until July 6 to respond.
If an Intervention Notice is issued, Ofcom would assess public interest considerations and the CMA would assess whether a relevant merger situation exists.
Nandy's focus is on UK public interest and services including Channel 5, TNT Sports, Cartoon Network, Nickelodeon, CNN International, Paramount+, and HBO Max.
The merger would combine Paramount and HBO Max streaming services, Channel 5, TNT Sports, and studios behind franchises including Superman, Batman, Top Gun, and HBO shows.
The UK competition watchdog opened an investigation earlier this month.
The deal has been approved by the US Department of Justice.
Key figures
Lisa Nandy, British culture minister
Paramount's owners, the Ellison family (mentioned as allies of Donald Trump)
Sources: The Guardian
