LOS ​ANGELES - Chinese regulators have cleared ‌the $110 billion merger between Paramount Skydance and Warner ​Bros Discovery, according to a source familiar ​with the decision.

The antitrust ​ruling comes on the heels of similar approvals from the U.S. ⁠Department of Justice, and a number of other countries, including Australia, Germany, France and Saudi Arabia.

China, where ​both ‌Paramount and Warner ⁠Bros ⁠Discovery release films, also needed to sign off ​on the deal. 

The European ‌Union has yet ⁠to weigh in on the combination.

China has been a diminishing source of revenue for Hollywood, as its domestic movie industry matures. Some films, like Warner Bros's 2023 film "Meg 2: The Trench," grossed $53.3 million in China ‌during its opening weekend. However, Paramount's 2022 blockbuster "Top ⁠Gun: Maverick," was never released - ​a casualty of heightened tensions between the U.S. and China. News of the ​approval ‌was first reported by ⁠Semafor.

(Editing by Franklin ​Paul, Sanjeev Miglani and Christian Schmollinger)


Reuters