The U.S. Department of Justice has approved Paramount Skydance's acquisition of Warner Bros. Discovery in a deal valued between $110-111 billion, according to multiple sources familiar with the matter. The DOJ's antitrust division determined the merger would not harm consumers or significantly weaken competition in the entertainment industry.

The acquisition will unite two major Hollywood studios and bring together significant media properties under one corporate umbrella. Warner Bros. Discovery owns CNN, HBO, and various entertainment assets, while Paramount controls CBS News and CBS network programming. The merger would place two major news operations - CNN and CBS News - under the same ownership structure.

Paramount Skydance is controlled by the Ellison family, and the deal represents one of the largest media mergers in recent years. The transaction had been under review by federal antitrust regulators for several months before receiving approval.

Despite the U.S. approval, the merger still faces regulatory scrutiny in other jurisdictions. European regulators must still review and approve the transaction before it can be completed. The deal could also potentially face legal challenges from state attorneys general.

The entertainment and media industries have expressed mixed reactions to the proposed consolidation, with some raising concerns about reduced competition in both film production and news broadcasting. The merger would significantly reshape the media landscape by combining two rival studio operations into a single entertainment conglomerate.