Paramount Skydance WBD Merger Awaits Three Simultaneous Regulatory Decisions
The $110.9 billion Paramount Skydance acquisition of Warner Bros. Discovery has cleared DOJ antitrust review without conditions but remains blocked by three unresolved regulatory proceedings: an EU Foreign Subsidies Regulation decision due July 14, an EU merger control Phase 1 deadline of July 22, and a pending FCC declaratory ruling on foreign ownership that would allow Gulf sovereign wealth funds to hold up to approximately 100% aggregate equity. If the European Commission opens a full FSR investigation rather than clearing the deal, closing in 2026 becomes structurally unlikely. The FCC proceeding carries additional political risk, with three U.S. senators urging a hold pending CFIUS national-security review of the Gulf state investor stakes.