美国司法部无条件批准派拉蒙天舞收购华纳兄弟探索交易US DOJ Unconditionally Clears Paramount Skydance Acquisition of Warner Bros. Discovery

美国司法部反垄断局于2026年6月12日星期五下午晚些时候发表声明，宣布结束对派拉蒙天舞收购华纳兄弟探索交易的调查。这项涉及金额达1100亿至1110亿美元的巨额交易，在经历了长达八个月的密集反垄断审查后，最终获得了联邦监管机构的无条件批准。司法部在对该交易进行全方位评估后判定，合并方案无需做出任何修改，也未对派拉蒙提出剥离资产或做出其他让步的要求。

Late Friday afternoon on June 12, 2026, the US Department of Justice's Antitrust Division issued a statement announcing the closure of its investigation into Paramount Skydance's acquisition of Warner Bros. Discovery. The massive transaction, valued between $110 billion and $111 billion, received a green light from federal regulators after an intensive eight-month antitrust review. Notably, the Justice Department cleared the controversial merger without demanding any modifications to the deal, allowing the transaction to proceed without requiring Paramount to divest any of its assets or make other corporate concessions.

反垄断专家指出，此次无条件通过是该笔交易取得的重大进展。司法部在声明中强调，经过对大量调查记录的严谨评估，监管机构认为该交易不太可能对美国消费者或市场竞争造成实质性损害。相反，这一合并有望在媒体和娱乐生态系统中激发更广泛的竞争，从而使消费者和行业劳动者共同受益。派拉蒙随后对司法部的细致审查表示感谢，并表示将继续专注于尽快完成交易，以便向消费者、创作者及整个娱乐行业释放合并带来的效益。

Antitrust experts highlighted that the unconditional approval represents a pivotal milestone for the mega-merger. In its official statement, the DOJ explained that its extensive investigatory record showed the transaction is not likely to result in harm to competition or American consumers. Instead, federal regulators concluded that the union of these former rivals is expected to increase competition across the broader media and entertainment ecosystem, ultimately benefiting both consumers and workers. Paramount expressed gratitude to the Justice Department for its thorough review, stating that it remains focused on completing the transaction as soon as possible to deliver its benefits to creators, consumers, and the entertainment industry as a whole.

美国司法部反垄断局在阐述其决策逻辑时指出，流媒体市场的蓬勃发展已彻底改变了传统好莱坞制片厂的竞争格局。监管机构表示，由于市场上存在奈飞（Netflix）、苹果（Apple）和亚马逊（Amazon Prime）等强大的流媒体巨头，以及其他规模较小的流媒体平台，合并后的新实体并不会对行业创作者、制作人、编剧和演员等利益相关者构成反竞争威胁。司法部认为，流媒体渠道的扩张为消费者提供了丰富的娱乐选择，因此该交易不会导致消费者利益受损。

In explaining its decision, the Department of Justice's Antitrust Division pointed out that the rapid expansion of the streaming market has fundamentally reshaped the competitive landscape for conventional Hollywood studios. Regulators noted that because of the prominent presence of major streaming platforms like Netflix, Apple, and Amazon Prime, alongside various smaller streaming players, the combined entity does not pose an anticompetitive threat to industry stakeholders, including producers, writers, and actors. The Justice Department concluded that consumers are not being sold out, as the expanded streaming market ensures they retain plenty of alternative options to obtain entertainment.

派拉蒙则极力主张，此次合并具有促进竞争的积极作用。该公司在一份声明中表示，合并将打造一家实力更强的企业，使其在受众、人才、技术和投资竞争日趋激烈的行业环境中，能够更好地与主导市场的科技巨头进行抗衡。此外，派拉蒙还指出，合并将使HBO Max和Paramount+的流媒体库得以整合，从而为用户提供更高的价值，并对迪士尼+（Disney+）和奈飞等竞争平台施加额外的竞争压力。

For its part, Paramount argued that the transaction is pro-competitive and will create a stronger company better positioned to compete against dominant technology platforms in an industry increasingly defined by intense competition for audiences, talent, technology, and investment. The company maintained that combining the streaming libraries of HBO Max and Paramount+ will deliver greater value to users. Furthermore, Paramount asserted that the merged entity will put additional pressure on rival streaming platforms, such as Disney+ and Netflix, to keep up in the market.

随着司法部予以批准，这一合并案将使美国娱乐界最负盛名的几大品牌归于同一集团旗下。交易完成后，派拉蒙影业与华纳兄弟影业这两家历史悠久的电影制片厂将被整合。在电视和新闻领域，哥伦比亚广播公司（CBS）及旗下的CBS新闻网，将与有线电视巨头有线电视新闻网（CNN）、HBO以及流媒体平台Paramount+和HBO Max（即Max）并入同一家母公司。这种将两大传统竞争对手的庞大资产进行深度整合的举动，将彻底重塑好莱坞的整体格局。

With the Justice Department's clearance, the merger is set to bring some of the most prominent brands in American entertainment under a single corporate parent. The transaction will unite two historic movie studios, Paramount Pictures and Warner Bros. Studios. In television and news, CBS—including CBS News—will be placed under the same roof as cable giants CNN and HBO, alongside streaming platforms Paramount+ and HBO Max. This massive integration of former rivals' sprawling portfolios represents a fundamental reshaping of the Hollywood landscape.

然而，这一庞大媒体帝国的诞生在行业内部引发了广泛的忧虑。许多好莱坞导演和演员对此次合并表示强烈反对，他们担忧这标志着美国娱乐业权力的进一步高度集中，因为该行业目前已经由少数几家巨头公司所主导。此外，舆论也对媒体审查风险以及对美国整个娱乐产业控制力增强的潜在后果表达了担忧。同时，由于派拉蒙领导者大卫·埃里森是唐纳德·特朗普总统主要捐赠者拉里·埃里森之子，围绕该交易的行业整合与政治关联也引发了外界的持续争议。

However, the creation of this media colossus has triggered widespread apprehension within the creative community. Many Hollywood directors and actors oppose the merger, viewing it as a troubling sign of further consolidation of power in an entertainment industry already dominated by a handful of giant companies. Critics have raised concerns regarding the potential for media censorship and increased corporate control over the US entertainment sector. Additionally, the deal has faced scrutiny over industry consolidation and political connections, given that Paramount leader David Ellison is the son of Larry Ellison, a major donor to President Donald Trump.

尽管美国司法部已经亮起绿灯，但这笔交易在法律和监管层面仍未完全尘埃落定。由多个州的总检察长组成的联盟目前正在对这笔出售进行审查，并可能提起反垄断诉讼以阻止合并。该联盟中包括加利福尼亚州等关键州的总检察长，他们认为特朗普政府在执行反垄断法方面未能履行职责。由于这些地方州拥有独立提起反垄断诉讼的权力，该交易在全美范围内仍面临潜在的法律挑战。

Despite the green light from the US Department of Justice, the transaction is not yet a done deal as it faces looming legal and regulatory hurdles. A coalition of state attorneys general, including California, is actively reviewing the sale and could sue to block the merger. These state officials have raised antitrust concerns, arguing that the Trump administration is failing to enforce antitrust law. Because state attorneys general possess the independent authority to challenge mergers, their ongoing review represents a significant potential legal obstacle within the United States.

与此同时，该合并案在国际上也面临着监管阻碍。欧洲联盟目前正在对这笔巨额交易进行深入调查。这意味着，在派拉蒙天舞能够最终完成对华纳兄弟探索的收购之前，除了需要应对美国地方州可能发起的法庭诉讼外，还必须通过欧洲监管机构的严格审查。这些来自美国地方州和国际监管机构的双重阻碍，为这笔价值超过千亿美元的媒体大合并增添了新的变数。

At the same time, the mega-merger must navigate international regulatory scrutiny. The European Union is currently conducting its own investigation into the multi-billion-dollar transaction. Consequently, before Paramount Skydance can finalize its acquisition of Warner Bros. Discovery, the companies must overcome both potential courtroom battles initiated by US state coalitions and the rigorous antitrust review process overseen by European regulators.