Paramount Beat Netflix for WBD, but the Regulatory Fight Isn’t Over | Analysis

After five and a half months and 10 bids, Paramount CEO David Ellison won the war for Warner Bros. Discovery. His next challenge will be to get his $110 billion acquisition past regulators and the forces that seek to derail the deal, which are considerable.

In addition to getting sign-off from the Department of Justice, Ellison will need to convince overseas regulators including the European Commission and the U.K. Competition and Markets Authority. A regulatory review of Paramount-WBD...