Ukrainian Antimonopoly Committee approves historic Paramount–Warner Bros merger
Photo: AMCU approves deal between Paramount and Warner Bros (Getty Images)
Two legendary studios, Paramount and Warner Bros., are merging into a single super-corporation, bringing their films, streaming platforms, and TV channels under one roof. Recently, this merger was approved by Ukraine’s Antimonopoly Committee.
Anna Zhakot, head of intellectual property practice at Nota Group and a lawyer, shared what this decision means and what role the Antimonopoly Committee of Ukraine plays in this historic deal.
Key points:
- Historic merger: Paramount Skydance is acquiring Warner Bros. for $110.9 billion, beating Netflix in the bidding process.
- Approval from Ukraine: The Antimonopoly Committee of Ukraine officially approved the deal, as it affects the Ukrainian market.
- Why it concerns Ukraine: Approval was required because channels such as Discovery, CNN, and Eurosport are broadcast in Ukraine. If the Antimonopoly Committee had rejected it, the companies might even have left Ukraine.
- What’s next: The corporations are now awaiting decisions from antitrust authorities in the United States and the European Union. The process may take 6–18 months.
Paramount acquires Warner Bros
In February 2026, media holding Paramount Skydance officially announced a merger with Warner Bros. Discovery (WBD) as part of a $110.9 billion deal. This acquisition concluded a fierce corporate battle for WBD assets, initially led by Netflix with an $82.7 billion offer for the film studio and HBO Max platform.
The deal with Netflix collapsed after Paramount went all-in, offering to buy WBD entirely—including cable networks (CNN, Discovery)—at $31 per share. A key advantage was Paramount’s agreement to pay a $2.8 billion breakup fee for terminating the previous contract between WBD and Netflix.
Given time for a counteroffer, Netflix’s board ultimately refused to increase its bid, considering further competition financially unfeasible, and exited the deal, taking compensation to invest in its own content.
The unprecedented Paramount–WBD merger is now awaiting approval from antitrust authorities in the United States and the European Union, which are concerned about potential monopolization of the media market and possible job cuts. The final approval process may take 6–18 months.
Read also: What the HBO Max and Paramount+ merger will look like: details and critics’ concerns
Why the Antimonopoly Committee decision matters
As lawyer Anna Zhakot explained, this is required under Ukraine’s law “On Protection of Economic Competition.” The Antimonopoly Committee must ensure that companies do not become monopolies during mergers.
“However, their scope is not limited only to national entities. They may also include non-residents if they influence the Ukrainian market or if the deal concerns assets or operations in Ukraine. For example, channels such as Discovery Channel, CNN, and Eurosport, which belong to Warner Bros, are broadcast in Ukraine,” she said.
Since Paramount and Warner Bros are major global players, their merger will significantly reshape the global media market. Therefore, according to the lawyer, the companies will need to obtain similar approvals in other countries as well, including the United States and EU member states.
What would happen if the AMCU had not approved the deal
In the United States and Europe, the merger is already raising concerns because it could harm competition in the industry.
If the Ukrainian Antimonopoly Committee had refused approval, the consequences could theoretically have been drastic. According to Zhakot, companies might have had to restructure their assets, or Paramount and Warner Bros could even have exited the Ukrainian market.
