Warner Bros. (WBD) Stock: China Approves $110 Billion Paramount Skydance Merger

TLDR

• Chinese regulators have cleared the $110 billion Paramount Skydance and Warner Bros. Discovery merger
• The approval follows sign-offs from the U.S. Department of Justice, Australia, Germany, France, and Saudi Arabia
• The EU has not yet ruled on the deal
• Warner Bros. Discovery shareholders approved the merger in April 2026
• The deal was first announced in February 2026

The $110 billion merger between Paramount Skydance and Warner Bros. Discovery has cleared another major hurdle, with Chinese regulators now approving the deal.

Warner Bros. Discovery, Inc., WBD

The approval was first reported by Semafor, citing Rohan Goswami, a business reporter who posted the news on X.

China’s sign-off was required because both Paramount and Warner Bros. Discovery release films in the Chinese market.

The ruling follows approval from the U.S. Department of Justice, which greenlit the merger earlier in June. Regulators in Australia, Germany, France, and Saudi Arabia had also previously cleared the deal.

The EU has not yet made a decision. It remains the last major regulatory body yet to weigh in.

A Long Road to Approval

The merger was first announced in February 2026. Warner Bros. Discovery shareholders voted to approve it in April 2026.

Since then, the deal has moved through a string of regulatory reviews across multiple jurisdictions, with China representing one of the more closely watched approvals given the complex relationship between Hollywood and the Chinese film market.

China has become a less reliable box office for U.S. studios in recent years. Revenue from the market has declined as China’s domestic film industry has grown.

The inconsistency is well documented. Warner Bros.’ 2023 film “Meg 2: The Trench” pulled in $53.3 million in China during its opening weekend. But Paramount’s 2022 blockbuster “Top Gun: Maverick” never got a Chinese release at all, a casualty of U.S.-China tensions at the time.

What’s Left

With China now on board, the EU remains the only major regulatory body that has yet to rule. No timeline has been given for that decision.

The combined entity, if fully approved, would bring together two of Hollywood’s largest studios under one roof, with a valuation of around $110 to $111 billion depending on the source.

Warner Bros. Discovery (WBD) shareholders had already voted in favour of the transaction in April, signalling strong internal support for the combination.

The DOJ clearance in June was considered the biggest single hurdle for the deal in the U.S. The Chinese approval, while expected by many observers, was still a required step given both studios’ footprint in that market.

With most major regulators now aligned, the deal is moving closer to the finish line. The EU decision is now the primary remaining checkpoint before the merger can formally close.

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