Chinese regulators have cleared the $110 billion merger between Paramount Skydance and Warner Bros Discovery, according to a source familiar with the decision.
The antitrust ruling comes on the heels of similar approvals from the U.S. Department of Justice and a number of other countries, including Australia, Germany, France and Saudi Arabia. China, where both Paramount and Warner Bros Discovery release films, also needed to sign off on the deal.
The European Union has yet to weigh in on the combination.
China has been a diminishing source of revenue for Hollywood, as its domestic movie industry matures. Some films, like Warner Bros’s 2023 film “Meg 2: The Trench,” grossed $53.3 million in China during its opening weekend. However, Paramount’s 2022 blockbuster “Top Gun: Maverick,” was never released – a casualty of heightened tensions between the U.S. and China.
News of the approval was first reported by Semafor.
Source: Reuters.com