New Delhi, June 13 -- The US Department of Justice has formally approved David Ellison's Paramount Skydance to acquire Warner Bros. Discovery for approximately $110 billion, clearing the most significant federal regulatory hurdle in a merger that would rank among the largest media consolidations in American entertainment history.

The Justice Department concluded its antitrust review on Friday, determining that the proposed union posed no meaningful threat to streaming, traditional television, or film. "The Division has completed its analysis of the proposed merger of Paramount and Warner Bros. and determined based on the evidence received in its investigation that the transaction is not likely to result in harm to competition or American...