At home, Paramount Skydance is facing a legal roadblock in the way of taking over Warner Bros. Discovery, but across the pond, the company has gotten a major victory.
That is, the U.K. has cleared the mega-merger deal after the British government is assured it would protect news and local programming provision in the country.
The Paramount spox, pouncing on the decisiion, took a potshot at the merger deal. regulators, “These conclusions further demonstrate the misguided and gerrymandered market definitions relied upon by the U.S. state AGs in their antitrust complaint in California.”
Meanwhile, the U.K Department of Culture, Media and Sport, in a statement, said, “Today, the Competition and Markets Authority have announced their decision that there are no competition aspects of this proposed merger in the U.K. which necessitate their further intervention.”
But the approval comes only after Paramount pledged several legally binding promises that, in turn, will preserve the British media landscape.
Here are the assurances below:
Media and streaming services: “Paramount set out clear intentions not to consolidate the Combined Group’s linear channels with its on-demand services in the U.K., and Paramount has made a commitment that they shall retain their distinct editorial identity.”
Children’s programming: “Paramount has promised that its children’s channels, including Nickelodeon and Cartoon Network, shall remain historically distinct and continue to commission and acquire original U.K. children’s content.”
News plurality and editorial independence: Paramount has promised to ensure that Channel 5 News maintains its editorial independence, that its editorial direction shall remain entirely separate from CBS News and CNN International, and that CNN International will continue to be available in the U.K. In addition, it has given assurances that the provider of Channel 5 News will continue to have editorial control and independence over news programming and that bona fide licensees will enjoy continued access to the CNN, CBS News and Channel 5 news archives on standard commercial terms.”
Channel 5 and U.K. Investment: “Paramount has committed that Channel 5 will continue to operate as a Public Service Broadcaster fulfilling its PSB license obligations. Channel 5’s commissioning strategy will remain focused on the U.K., with Paramount committing more funding to support high-quality news, original children’s programming and drama.”
