Paramount Clears Key US Antitrust Review In $77.9 Billion Pursuit Of Warner Bros. Discovery

According to a SEC filing, the 10-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act expired on February 19 after Paramount certified compliance with a Justice Department request for additional information.

• With the statutory review window now closed, there is no longer a U.S. legal barrier preventing the companies from finalizing the acquisition.
• Paramount must still negotiate and sign a definitive merger agreement with WBD, and obtain shareholder approval.
• On Tuesday, Warner Bros opened a brief window to discuss Paramount’s offer. 

Paramount Skydance Corp. (PSKY) said on Friday that it has cleared a key U.S. antitrust milestone in its proposed all-cash takeover of Warner Bros. Discovery Inc. (WBD). 

According to a Securities and Exchange Commission (SEC) filing, the 10-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act expired on February 19 after Paramount certified compliance with a Justice Department request for additional information tied to the transaction.

U.S. Review Concludes

With the statutory review window now closed, there is no longer a U.S. legal barrier preventing the companies from finalizing the acquisition. However, the transaction is not yet complete. 

Paramount must still negotiate and sign a definitive merger agreement with WBD, obtain shareholder approval and secure clearance from regulators in other jurisdictions. The Justice Department had issued a “Second Request” in late December 2025, requiring additional documentation and data as part of its antitrust review. 

Paramount Skydance stock inched 0.7% lower on Friday morning. On Stocktwits, retail sentiment around the stock remained in ‘bullish’ territory amid ‘high’ message volume levels. 

High-Stakes Battle 

Paramount has pursued Warner Bros. since September, initially prompting the media company to explore strategic alternatives. After losing out to Netflix, Paramount launched a hostile tender offer at $30 per share, which it later raised.

On February 11, Paramount increased its $30-per-share cash offer and introduced a ticking fee, which would add an extra $0.25 per share in cash for WBD investors.

On Tuesday, Warner Bros opened a brief window to engage in discussions with Paramount even as it scheduled a March 20 shareholder vote on its proposed merger with Netflix, Inc. (NFLX).

PSKY stock has declined by over 7% in the last 12 months. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.<