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FCC Chair Brendan Carr called Paramount’s proposed acquisition of Warner Bros. Discovery (WBD) “a lot cleaner” than Netflix’s abandoned proposal because, in his view, combining Netflix with HBO Max would have created a streaming service with greater scope and scale—and raised competition concerns he did not see in the Paramount/WBD deal. Carr’s March 3, 2026 remarks were a public assessment, not a final antitrust ruling. The Paramount acquisition later cleared several distinct regulatory and legal hurdles and closed on October 6, 2026.
What Carr meant by “a lot cleaner”
Speaking to CNBC at Mobile World Congress in Barcelona on March 3, 2026, Carr said Netflix would have faced “a very difficult path forward from a regulatory perspective.” He was referring to the proposed combination of Netflix and HBO Max: Carr viewed the resulting streaming service as having greater “scope and scale.” By contrast, he said Paramount/WBD “does not raise at all the same types of concerns [as Netflix]” and that “some real consumer benefits” could emerge. Those were Carr’s judgments about the proposals, not established findings that the Paramount deal would benefit consumers. Ars Technica reported his remarks.
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| 1 |
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Maverick (BD) | $11.99 | Buy on Amazon |
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Maltese Falcon, The (4K Ultra HD + Blu-ray) | $17.99 | Buy on Amazon |
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The distinction was about the streaming combinations Carr was comparing: Netflix with HBO Max versus Paramount+ with HBO Max. It did not mean that Paramount/WBD faced no regulatory scrutiny, or that the FCC chair had resolved the antitrust merits.
What happened to Netflix’s Warner Bros. deal?
Netflix’s proposal was no longer active when Carr made his comments. The U.S. Department of Justice later said Netflix agreed to acquire WBD in December 2025, after which Paramount made a competing offer. Netflix backed out rather than match Paramount’s offer, according to Ars Technica’s account. The Netflix proposal therefore ended; it was not rejected in a final decision based on the concerns Carr described. DOJ’s June account of the transaction and Ars Technica’s March report describe the sequence.
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Why the FCC and DOJ reviews were different
The FCC and DOJ had separate responsibilities. Ars Technica reported that WBD had no TV broadcast licenses to transfer, but Paramount already held FCC licenses for 28 local CBS stations. Paramount’s foreign financing could also implicate FCC foreign-ownership rules. Those issues made FCC review relevant even though the transaction did not involve a transfer of WBD broadcast licenses. DOJ, separately, examined competition.
On June 12, 2026, DOJ said it had completed its investigation and concluded that the transaction was not likely to harm competition or American consumers in streaming video on demand, linear television, or theatrical film development, production, and distribution. DOJ said its eight-month inquiry reviewed more than two million documents from more than 80 custodians. That was the department’s assessment based on its investigation, not a guarantee of future market outcomes. Read DOJ’s statement.
Rank #2
- Maverick [Blu-ray]
- PHYSICAL_MOVIE
- warner home video
How the deal moved from review to closing
| Date | What happened | What it means |
|---|---|---|
| December 2025 | Netflix agreed to acquire WBD, according to DOJ’s later account. | The Netflix proposal preceded Paramount’s competing offer. |
| March 3, 2026 | Carr told CNBC that Paramount/WBD was “a lot cleaner” than Netflix/HBO Max. | A public view from the FCC chair, not a final agency finding on competition. |
| June 12, 2026 | DOJ announced that it had closed its investigation and found the deal unlikely to harm competition or consumers in the specified markets. | DOJ’s antitrust conclusion was one part of the review path. |
| September 21, 2026 | California and 11 other states announced a settlement of their lawsuit with Paramount, subject to court approval. | The settlement addressed the states’ concerns; California Attorney General Rob Bonta said it was not an endorsement of the merger. |
| September 30, 2026 | A federal judge approved the settlement. | The approval cleared a path to closing. |
| October 6, 2026 | Skydance announced that the acquisition had closed and the combined company was named Skydance. | The transaction was completed; its effects on competition and consumers remain to be seen. |
The states’ settlement included commitments concerning film output, domestic production investment, affected workers, and cable negotiations. California said the agreement required five-year film-output commitments, at least $1.5 billion in additional domestic film-production investment, a $47.5 million fund for affected workers, and restrictions on cable negotiations. Bonta said, “This settlement is not a vote of support for this merger.” He said the state believed the settlement resolved antitrust concerns alleged in its case and protected competition and consumer choice. California’s announcement describes the commitments; the Associated Press reported the judge’s September 30 approval.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Did the Paramount-Warner Bros. merger get approved?
The acquisition closed on October 6, 2026, after DOJ’s antitrust review, the states’ settlement and a federal judge’s approval of that settlement. Closing is not the same as proof that the combined business will produce lower prices, more choice, more film output, or better outcomes for workers. As of October 8, the transaction had only just closed, so those longer-term effects were not established.
Rank #3
- Item name: The Maltese Falcon
- Product type: PHYSICAL MOVIE
- Brand: WB
Skydance said WBD shareholders received $31.01666668 per share in cash and that WBD shares ceased trading on the closing date. That per-share closing consideration is distinct from the $111 billion deal-value figure reported by Ars Technica in March; the two figures describe different things. Skydance’s closing release provides the shareholder consideration and closing details.
Quick Recap
Rank #4
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