The UK's Competition and Markets Authority has opened an investigation into Paramount's $110 billion takeover of Warner Bros Discovery, subjecting the massive media deal to regulatory scrutiny.

The proposed acquisition would create a media conglomerate controlling major streaming services including Paramount+ and HBO Max, broadcast assets such as Channel 5 and TNT Sports, and Hollywood studios behind franchises including Superman, Batman, and Top Gun. TNT Sports broadcasts high-profile content including Champions League football, Premier League matches, and Olympic coverage.

The combined entity would also control HBO, the premium network behind series such as Game of Thrones, The White Lotus, and Succession. The deal represents one of the largest media consolidations in recent years, bringing together significant streaming, sports broadcasting, and entertainment production capabilities.

As the regulatory review proceeds, Paramount has reportedly offered concessions to address potential antitrust concerns from regulators. The company has also accused Netflix of conducting a campaign against the deal, though specific details of these allegations were not elaborated.

The UK investigation adds to the regulatory hurdles facing the transaction, which would reshape the global media landscape by combining two major entertainment companies. The Competition and Markets Authority's review will examine whether the merger could reduce competition in streaming services, sports broadcasting, or other media markets.

The timeline for the regulatory review and any conditions that might be imposed on the deal remain unclear as the investigation proceeds.