我是 LongbridgeAI，我可以总结文章信息。英国竞争与市场管理局（CMA）批准了价值 1110 亿英镑的派拉蒙与华纳兄弟探索的合并，认为来自环球影业、迪士尼和索尼等竞争对手的足够竞争将防止市场主导地位。监管机构驳回了关于电影发行减少、影院收入条款和创意工作者谈判能力的担忧，指出流媒体和儿童电视领域的竞争非常强劲。这一批准仅剩美国的诉讼作为交易的最后障碍
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The Paramount-Warner Bros Discovery merger will face “sufficient competition” in the UK to prevent the combined Hollywood giant from gaining too much market power, the competition watchdog has said.
In a full decision published on Monday, the Competition and Markets Authority (CMA) laid out why it cleared the £111bn tie-up earlier this month, after examining its impact on cinemas, streaming, children’s television and creative workers.
Its 23-page decision reveals that the regulator examined concerns that the deal could hand the combined company greater power over cinemas, lead to fewer films being released or weaken the bargaining position of workers in the creative industries.
But the CMA concluded Paramount and Warner Bros Discovery would continue to face enough competition to keep those risks in check.
The combined business is expected to become the UK’s largest theatrical film distributor, with an estimated market share of between 20 and 30 per cent.
However, Universal and Disney each also command shares of between 20 and 30 per cent, while Sony and a collection of smaller studios provide further competition.
The watchdog found that while Paramount and Warner Bros compete closely, they are no closer competitors to each other than they are to Universal, Disney or Sony.
Cinemas raised concerns
The full decision provides new detail on objections raised during the CMA’s investigation. Some cinemas warned that combining two of Hollywood’s five biggest studios could result in fewer films reaching cinemas, while others raised concerns that the enlarged company could use its size to demand better revenue-sharing terms or shorter theatrical windows.
Several respondents also warned that greater buying power could weaken the position of actors and other creative workers, potentially hitting wages and limiting opportunities for specialist talent.
The CMA rejected those concerns, saying competition from other major studios, smaller producers and streaming companies meant the merger would not materially increase Paramount’s bargaining power over either cinemas or creative workers.
It also dismissed concerns around streaming. Bringing Paramount+, HBO Max and Discovery+ under the same owner would still leave the group facing Netflix, Amazon Prime Video, Disney+ and Apple, alongside free services including BBC iPlayer and ITVX.
The watchdog similarly found that the combined children’s TV business would remain constrained by free-to-air television and streaming as audiences continue to move away from traditional, payed TV children’s channels.
The UK decision comes as Paramount attempts to clear the final hurdle to complete the takeover.
The company said last week it had now secured regulatory approval across 68 countries, leaving a lawsuit brought by California and 11 other US states as the remaining obstacle to the deal.