DOJ Approves Paramount-Warner Bros. Discovery Merger; Potential Impact On AEW Media Rights Landscape

A major media industry merger has cleared a significant hurdle.

According to a new report, the U.S. Department of Justice has approved Paramount’s proposed acquisition of Warner Bros. Discovery (WBD), paving the way for the massive deal to move closer to completion.

The transaction, which is valued at approximately $110 billion, had faced scrutiny over potential antitrust concerns. While the merger could still encounter legal challenges from state attorneys general, it remains on schedule to close in September. The deal had previously received approval from WBD shareholders.

Per Politico, federal regulators ultimately determined that the merger would not substantially harm competition in the marketplace.

“After an extensive review, DOJ officials determined the transaction did not pose a threat to competition and declined to challenge it, said the people, who were granted anonymity to discuss sensitive matters. The department approved the merger without requiring any divestitures, behavioral remedies or concessions, according to one of the people.”

The approval marks a significant step forward for what would become one of the largest media mergers in recent years.

From a pro wrestling perspective, the development could have implications for All Elite Wrestling. AEW currently maintains a media rights agreement with Warner Bros. Discovery that runs through the end of 2027 and includes an option year for 2028.

Should the merger officially close, industry observers expect Paramount’s streaming platform, Paramount+, and WBD’s HBO Max service to eventually be combined into a single streaming destination. Such a move could potentially affect how AEW programming is distributed and consumed in the future, although no changes regarding AEW’s current media rights arrangement have been announced.

For now, the merger remains on track for completion later this year, with the DOJ’s approval removing one of the biggest obstacles standing in its way.