firms help secure regulatory clearance from the Australian Competition and Consumer Commission (ACCC) on Paramount Skydance’s proposed USD111 billion acquisition of Warner Bros Discovery.
MinterEllison, Gilbert + Tobin, Covington & Burling and Latham & Watkins have advised parties involved in navigating the ACCC’s phase one review.
The ACCC granted clearance less than two months after the filing in April 2026, ahead of its typical phase one review timeframe. Approval was required under Australia’s new merger control regime and came when the merger was also approved by the US Department of Justice in June.
MinterEllison advised Warner Bros Discovery on the Australian aspects, with Geoff Carter, practice group leader of competition law, leading the team.
“We assisted to obtain ACCC clearance for the transaction, working with Covington on the sell side. Gilbert + Tobin, working with Latham & Watkins, acted for Paramount Skydance,” he told Asia Business Law Journal.
Carter said there were several challenges to overcome, including tight timelines, its multi-jurisdictional nature and co-ordination among multiple stakeholders.
“The matter involved one of the largest transactions to date to go through the new ACCC mandatory and suspensory merger control regime. Given the multi-jurisdictional nature of the transaction, the matter involved tight timeframes and close co-ordination with global antitrust counsel for the parties,” he said.
Gilbert + Tobin advised Paramount Skydance, with the team spearheaded by Elizabeth Avery, head of the competition, consumer and market regulation group, and special counsel Sarah Lynch. They were supported by lawyers Courtney Olden, Adrian Vipond and Amy Van Dongen, as well as graduate Emily Dong.
“The ACCC decided to allow the transaction as it was unlikely to have the effect of substantially lessening competition in relation to the wholesale supply of films for theatrical release in Australia,” Avery told ABLJ.
She said securing phase one clearance in Australia ahead of most other jurisdictions was a notable achievement.
“Navigating the ACCC’s new mandatory merger filing regime in the context of a multi-jurisdictional matter with filings across many jurisdictions, and in this context achieving a phase one clearance, ahead of almost all other jurisdictions,” she said.
Covington & Burling acted as global regulatory counsel to Warner Bros Discovery. The team comprised partners Derek Ludwin, leader of the firm’s antitrust litigation and sports practice groups, Johan Ysewyn, co-chair of the global competition and antitrust practice, Melissa Van Schoorisse, Ross Demain and James Marshall.
Latham & Watkins also advised on the transaction, with the antitrust team led by partners Thomas Nilsson, Hector Armengod and Anthemis Economou.
