UK weighs action on $110bn media mega‑merger

On June 30, 2026, the U.K. culture secretary, Lisa Nandy, stated that she is "minded to intervene" in Paramount Skydance's proposed approximately $110 billion takeover of Warner Bros. Discovery. Her department has written to both the current and proposed owners of Warner Bros. Discovery to notify them of this position and outline the areas of concern. The planned transaction would combine significant film, television and streaming operations under a single corporate structure at a global scale.

Nandy emphasised that her focus is on the U.K. public interest, particularly how the merged group would affect the range of services available to audiences in the country. She stressed that no final decision to intervene has been taken and that the parties have been invited to respond to her "minded to" position. The indication nonetheless places the deal under closer scrutiny in one of its key international markets.

In explaining her concerns, Nandy highlighted media plurality as the central public interest test. She referred to the need for a sufficient plurality of views in news media and a sufficient plurality of persons controlling media enterprises that serve U.K. audiences. These considerations cover both traditional broadcast outlets and providers of on-demand programme services.

Nandy named several U.K.-facing assets that could be relevant to her assessment if the deal proceeds. These include free-to-air broadcaster Channel 5, sports broadcaster TNT Sports, and children's channels Cartoon Network and Nickelodeon. She also cited news channel CNN International and the streaming platforms Paramount+ and HBO Max as part of the scope of her review of how the combined group might serve U.K. viewers.

If Nandy decides to move beyond the "minded to" stage, she would issue a formal public interest intervention notice. This notice would require Ofcom and the Competition and Markets Authority to assess the deal's impact on both public interest and competition grounds. Their assessments would examine how control of the relevant channels and services might affect the diversity of viewpoints and providers available in the U.K. market.

The issuance of a public interest intervention notice could start an investigation process lasting up to 40 days. During this period, the regulators would gather evidence and provide reports that would inform the government's final decision on whether to clear the transaction, impose conditions or take further action. Until such a notice is issued, however, the process remains at a preliminary stage focused on whether a full intervention is justified.

Paramount has responded to the U.K. government’s stance by expressing confidence in the proposed transaction. The company has stated that it believes the deal does not raise media plurality issues in the U.K. and that it remains confident in its stated transaction timeline. This suggests the parties are proceeding on the basis that the merger can still be completed as planned, subject to regulatory reviews.

The U.K. government’s position adds an additional layer of regulatory uncertainty to a large global media consolidation. While no final decision has been made, the potential for an intervention by Nandy, followed by formal assessments by Ofcom and the Competition and Markets Authority, makes the U.K. a focal point in the ongoing approval process for the approximately $110 billion Paramount Skydance–Warner Bros. Discovery transaction.