The Brief:
Gilbert + Tobin secured ACCC clearance for Paramount Skydance’s A$156bn acquisition of Warner Bros. Discovery.
Approval came ahead of the regulator’s Phase 1 timeframe — less than two months after filing in April 2026.
One of the biggest media mergers in history just cleared a major hurdle Down Under.
The ACCC waved through Paramount Skydance’s $US110bn ($156bn) acquisition of Warner Bros. Discovery on 9 June — without conditions — and the US Department of Justice followed suit three days later.
The deal
The merger will reshape the global entertainment landscape, combining Warner Bros. Discovery’s film, TV and streaming empire with Paramount’s considerable portfolio.
The ACCC wasn’t spooked. Its Phase 1 determination found that rivals — Disney, Netflix, Stan, Binge and a range of independent suppliers — would give the merged entity enough competition to stay honest on pricing and content access. On broadcast, Seven and Nine still dominate.
Not every regulator has been so relaxed. The UK’s CMA has formally opened a probe, with a 7 August deadline to decide whether to escalate to a full Phase 2 review. The EU is still circling, with reports Paramount is weighing asset sales to smooth that path.
Who’s acting
Gilbert + Tobin advised Paramount Skydance on the Australian competition clearance.
Partner Elizabeth Avery and special counsel Sarah Lynch led the team, supported by lawyers Courtney Olden, Adrian Vipond, Amy Van Dongen and graduate Emily Dong.
Elizabeth Avery said, “The review moved at pace and demanded close engagement with the Commission throughout and global alignment across several filing jurisdictions. Our team’s ability to anticipate and address complex competition issues across media markets with thorough evidence-based analysis was critical to the outcome.”
Source: Gilbert + Tobin