The Justice Department on Friday approved Paramount’s proposed $111 billion takeover of Warner Bros. Discovery. After concluding its antitrust investigation into the pending merger, the department said in a statement that it found that the deal posed no threat to competition or consumers of film, broadcast television or streaming. The decision clears the way for a merger of two rival Hollywood studio titans: Paramount, the owner of CBS, including CBS News, will swallow the much larger Warner, which includes HBO and CNN. The DOJ”s Antitrust Division concluded that a union of two studio giants isn’t anti-competitive because the streaming market has expanded the competition for conventional Hollywood studios, which includes Netflix, Apple and Amazon, as well as smaller streamers. The Justice Department’s view is that, for the same reason, consumers won’t lose out because there are plenty of other places to get entertainment. Several states, including California, have raised antitrust concerns. The European Union is investigating as well. California Attorney General Rob Bonta, who has been investigating the deal for antitrust violations, said in a post on social media following the Justice Department’s approval: “The merger of Warner Bros and Paramount is not a done deal and remains under investigation by my office.” In a statement following the decision, Paramount described the deal as “pro-competitive,” and would result in “a stronger company better positioned to compete against dominant technology platforms in an industry increasingly defined by intense competition for audiences, talent, technology…” – Read more