That deadline, June 9 -- The question was never whether Britain's competition authority would look at the deal. The question was how hard. On Tuesday, the Competition and Markets Authority moved past the preliminary stage and formally opened a Phase 1 investigation into Paramount Skydance Corporation's $110 billion all-cash acquisition of Warner Bros. Discovery, setting August 7 as the date by which it must deliver an initial ruling.

which means David Ellison's entertainment empire-in-waiting faces the prospect of two major foreign regulatory verdicts arriving in close succession, with a third front still open in Washington. The timing compresses the path to Paramount's target close in the third quarter of 2026, though neither company ha...