Comparing Antitrust Review of the Paramount-Warner Brothers Transaction by the US and the UK
May 4, 2026
Authors: Steven Cernak and Luis Blanquez and Sabri Siraj
This Daily Journal article examines the growing global influence of the U.K.’s Competition and Markets Authority (CMA) in major cross-border merger reviews through the lens of the proposed Paramount–Warner Bros. transaction. The authors discuss how approval from U.S. regulators alone is no longer sufficient for multinational media deals, as foreign regulators, particularly the CMA, are increasingly shaping outcomes through broader jurisdictional reach and distinct antitrust standards. The piece highlights how differences between U.S. and U.K. competition analysis, especially in market definition and competitive effects, can significantly impact deal strategy and execution for American companies pursuing international mergers.