Skip to navigationSkip to main contentSkip to right columnFaizan FarooqueSun, July 5, 2026 at 6:03 PM GMT+2 5 min readParamount Skydance (PSKY) could be encountering a further hurdle in its $110 billion chase of Warner Bros. Discovery (WBD).Britain does not necessarily want to block the accord.The greater danger may be that Britain recognizes the cost of delay.The U.K. government is reviewing whether it should intervene in Paramount's planned acquisition of Warner Bros. Discovery, because of the public interest in relation to media plurality and competition. The Guardian newspaper reported that Secretary of State for Culture, Media and Sport Lisa Nandy declared on June 30 that she was "minded to" issue a public-interest intervention notice in relation to the acquisition and ask the UK's Competition and Markets Authority (CMA) to investigate the proposed merger.That adds a new timing risk for investors to watch.Paramount struck a deal to buy Warner Bros. Discovery for $31 a share in cash, valuing the transaction at roughly $110 billion. The deal also includes a "ticking fee" of 25 cents per share, paid by Paramount to Warner Bros. shareholders for each quarter after Sept. 30 that the transaction has not finalized.Reuters said the fee would equate to around $650 million in cash to be paid by Paramount every three months, providing the U.K. government some leverage over Paramount if a study drags on to slow the deal's closure.Paramount shares recently traded at $10.39, giving the company a market value of about $11.6 billion. Warner Bros. Discovery shares recently traded at $26.48, giving the company a market value of about $66 billion.The problem for Paramount is not merely to get approval.It is approval on time.The CMA is already looking at the deal under regular competition laws and lists Aug. 7 as the date for its Phase 1 judgment. The agency opened its merger probe on June 9.A public-interest review would amplify that.Lawyers and media advisors told Reuters that Britain's threat of action is likely aimed at securing pledges rather than blocking the merger outright. Possible concessions might involve commitments to protect independent news provision, retain U.K. children's programming, and protect or grow Warner's British production footprint, including Leavesden Studios.That's key because the acquisition involves a number of politically sensitive media properties.Channel 5 is