The U.S. Justice Department’s Antitrust Division has cleared Paramount Skydance’s planned roughly $110 billion acquisition of Warner Bros. Discovery after an eight-month review, concluding the transaction is unlikely to reduce competition or harm consumers.

The department said its investigation examined streaming video on demand, linear television, and the development, production, and distribution of films for theatrical release. Career staff reviewed more than 2 million documents collected from more than 80 custodians and considered input from across the entertainment industry.

The division said the companies are later entrants in subscription streaming and that their services, including Paramount+ and Warner Bros.’ HBO Max and discovery+ offerings, have fewer subscribers than the largest streaming platforms. It also said competition in traditional television remains active, including in live sports, news, and political programming.

The department added that theatrical film distribution includes competition from major studios, independent studios, and newer entrants such as Apple and Netflix. The approval was issued without conditions and did not require divestitures.