Paramount Skydance’s audacious $108 billion bid to acquire Warner Bros Discovery (WBD) has cleared a major antitrust hurdle in the United States, marking a pivotal moment in the escalating clash with Netflix. The Department of Justice (DoJ) concluded its second request review under the Hart-Scott-Rodino Act, allowing the statutory 10-day waiting period to expire, a move Paramount described as removing a “critical impediment” to regulatory approval. The decision comes as the media group’s bid, backed by Oracle billionaire and prominent Donald Trump donor Larry Ellison, seeks to outmaneuver Netflix’s $83 billion offer for WBD.
Although the lapse of the waiting period does not constitute formal approval, it is widely interpreted as a positive signal for Paramount and its potential alignment with the Trump administration. Industry observers note that the DoJ retains the right to sue to block the acquisition at a later stage, and Paramount must still persuade WBD’s board and shareholders to accept its offer. The urgency is heightened as WBD has given Paramount a seven-day window to submit a “best and final offer,” ending February 23, or risk losing the opportunity entirely.
Netflix, meanwhile, remains under early-stage DoJ scrutiny for its own bid, with regulators examining whether the deal could stifle competition. The contrasting pace of regulatory review has drawn criticism from Netflix, whose chief legal officer, David Hyman, emphasized that routine Hart-Scott-Rodino milestones should not be interpreted as DoJ approval. Analysts caution that both bids will likely face heightened antitrust scrutiny in international jurisdictions, including the UK and European Union.
The political dimension adds further intrigue. Paramount executives, including CEO David Ellison, have reportedly met with President Trump, while Netflix leaders have publicly acknowledged the administration’s concern over potential job impacts in California. The deal has also attracted scrutiny from Democratic lawmakers, including Senators Cory Booker, Elizabeth Warren, Chuck Schumer, and Dick Durbin, who have demanded that Paramount preserve all records linked to the transaction, citing “significant competition concerns.”
The unfolding battle recalls other high-profile corporate contests, such as Pfizer’s acquisition of Metsera during a bidding war with Novo Nordisk. With billions at stake and global antitrust regulators watching closely, the outcome of Paramount and Netflix’s competing bids could reshape the media landscape and set new precedents for politically charged corporate takeovers.
