A Charles River Associates Competition team was retained by Paramount Skydance Corporation to advise on its acquisition of Warner Bros. Discovery. The combined company, Skydance, brings together two major film studios, two global streaming services, premier television assets including CBS, HBO, and Paramount’s and WBD’s cable networks, two of the industry’s most recognized news networks, CBS News and CNN, and a leading content portfolio that includes live sports, a deep programming library and expansive collection of iconic brands and franchises.
The Department of Justice Antitrust Division reviewed the transaction that was publicly announced on February 27, 2026, with the Hart Scott Rodino waiting period expiring on February 19, 2026 and with the Antitrust Division completing its investigation on June 12, 2026 and taking no action. Twelve States and the Writers Guild of America sued to block the transaction on July 13, 2026 and July 14, 2026, respectively. On September 21, 2026, the parties reached a settlement with the States and the WGA, and the transaction closed on October 6, 2026.
CRA experts Nate Goldstein, Alison Hole, and Professor Feng Zhu, supported by a team of CRA economists, including Andrea Asoni, Sandra Chan, Renee Duplantis, Serge Moresi, Mary Beth Savio, Andy Baziliauskas, Yajing Jiang, Paul Labys, Joshua Lustig, Karthik Nagarajan, Olga Ukhaneva, Marianne Bernatzky, Jeffrey Cisyk, Cristian Figueroa, Duncan Graham, Grace Luo, Ian Meeker, Ishuwar Seetharam, Alexey Sinyashin, and Migiwa Tanaka, provided economic assistance to Paramount during the DOJ investigation and through both litigations with the States and WGA. CRA worked closely with attorneys representing Paramount, including Paramount’s Chief Legal Officer Makan Delrahim, Latham & Watkins, Cravath Swain & Moore, Cleary Gottlieb Steen and Hamilton, Wilkinson Stekloff, and Winston Taylor.
