British government “willing to intervene”

British Culture Secretary Lisa Nandy said she was “intended to intervene” in Paramount’s $110 billion takeover of Warner Bros. Discovery.

Nandy, who could be a spanner in the works of a major merger, said he wanted to assess whether the deal was in the best interests of British audiences on a variety of grounds.

The Minister sent a letter to Paramount and WBD outlining his position. Both companies have until July 6 to make final statements before Nandy makes a formal decision on intervention.

Paramount said it was “confident” that the deal would not create “media diversity issues” and would not delay its completion schedule in the third quarter of this year.

“Following engagement with parties and an independent investigation, my department today wrote on my behalf to the current and proposed owners of Warner Bros. Discovery to inform them of my intention to intervene,” Nandy said in a written ministerial statement.

“I recognize that the proposed acquisition is global in nature,” she added. “In making this decision, I have been and will continue to be focused on the interests of the British public and the range of services available to British viewers, including Channel 5, TNT Sports, Cartoon Network, Nickelodeon, CNN International, Paramount+ and HBO Max.”

In a statement, Nandy said that while investigating matters of public interest relating to streaming is not covered by the Corporations Act 2002, he may “bring in a secondary bill” to allow Ofcom to investigate how the merger of Paramount and WBD will affect on-demand services.

She continued: “Once I decide to issue an intervention notice, the next steps will be for Ofcom to assess the public interest considerations and report to me, and for the Competition and Markets Authority (CMA) to assess and report to me whether a relevant merger situation has occurred and the impact this may have on competition.”

This will mean Nandy’s work will be reflected in the ongoing investigation by the CMA, which launched a merger inquiry this month.

A Paramount spokesperson said: “We appreciate our continued and constructive engagement with all relevant government agencies and authorities, including in the UK. We are confident that our proposed transaction will not raise media diversity issues in the UK and remain confident in the stated transaction timelines.”

Paramount’s acquisition of WBD has been in limbo in Europe for weeks, with the European Commission expected to approve the deal rather than subject it to deeper scrutiny. The committee must make a decision by July 7.

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