Paramount-WBD Merger: Public Interest Considerations

On 27 February 2026 Paramount announced it would acquire Warner Bros Discovery for $110 billion—£83 billion.

Under the Enterprise Act 2002, I can intervene if I have reasonable grounds to suspect that arrangements are in contemplation which, if carried into effect, will result in the creation of a relevant merger situation and I believe that one or more public interest considerations under the Act may be relevant.

Following engagement with the parties and independent research, my Department has today written to the current and proposed owners of Warner Bros Discovery on my behalf to inform them that I am minded to intervene on the following public interest grounds:

The need for, to the extent that it is reasonable and practicable, a sufficient plurality of views in news media in each market for news media in the United Kingdom or a part of the United Kingdom.

The need, in relation to every different audience in the United Kingdom, or in a particular area or locality of the United Kingdom, for there to be a sufficient plurality of persons with control of the media enterprises, or the enterprises providing on-demand programme services or both, serving that audience.

I am conscious that the proposed acquisition is global in nature. In reaching this decision, my focus has been, and will remain, on the UK public interest and the range of services available to UK audiences, including Channel 5, TNT Sports, Cartoon Network, Nickelodeon, and CNN International, as well as Paramount+ and HBO Max.

The public interest consideration regarding plurality of persons with control of media enterprises, or enterprises providing on-demand programme services, is not currently specified in section 58 of the Act. However, under section 42 of the Act, I may specify a new public interest consideration for Ofcom to consider in relation to the merger, if I consider it ought to be specified in section 58. As the legislation was drafted at a time when viewing was largely via broadcast linear channels, it does not cover the effect of a merger on streaming or video-on-demand services. I believe this ought to be able to be considered in relation to this and all future media mergers given the role on-demand viewing now plays in the market. If I decide to intervene in this merger on that basis, I will bring forward secondary legislation to finalise this public interest consideration as the Enterprise Act requires me to do.

The letters to the parties, and other relevant updates, will be published on gov.uk.

It is important to note that I have not taken a final decision on intervention at this stage. The “minded to” letter invites further representations in writing from the parties and gives them until 6 July to respond.

If I decide to issue an intervention notice, the next stage would be for Ofcom to assess and report to me on the public interest considerations, and for the Competition and Markets Authority to assess and report to me on whether a relevant merger situation has been created, and any impact this may have on competition.