The United Kingdom's regulatory body has opened a Phase 1 investigation into the proposed Paramount Skydance acquisition of Warner Bros. Discovery, with a deadline of August 7th.

Despite the U.S. Department of Justice allowing the mandatory antitrust waiting period to expire, it is reportedly continuing to investigate the Paramount and Warner Bros. Discovery deal.

A group of U.S. states, led by California, is reportedly considering a lawsuit to block the Paramount and Warner Bros. Discovery merger.

The combined market share of Paramount Plus and HBO is estimated to be well below the 30% threshold that typically triggers antitrust concerns.

Paramount will be subject to a "ticking fee" starting September 30th if its deal to acquire Warner Bros. Discovery is not closed.