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No. Canada’s Competition Bureau is no longer reviewing Paramount Skydance’s acquisition of Warner Bros. Discovery. Its public register records the review as concluded on July 9, 2026, with a “No Action Letter” outcome. The Bureau’s register does not publish case-specific reasons for that disposition.
What was the Competition Bureau’s decision?
The Bureau’s public merger-review register lists “Paramount Skydance Corporation / Warner Bros Discovery Inc” as starting on March 12, 2026, and concluding on July 9, 2026. Its recorded outcome is “NAL,” which the register defines as a No Action Letter.
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That is the status the register reports; it does not say that the Bureau issued a public, reasoned approval decision. The record gives no case-specific explanation of the evidence, market definition, competitive concerns considered, or reasons for issuing the letter.
What does a No Action Letter mean here?
The Bureau says it can review any merger to determine whether it is likely to substantially lessen or prevent competition in Canada. The register records the outcome of this review, but it does not disclose the Bureau’s case-specific analysis. It therefore cannot establish which markets or theories of competitive harm the Bureau examined, or why it took no further action.
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The Bureau also says it does not comment on mergers while they are under review; it directs the public to its register for review status. Its general confidentiality rules cover information obtained or provided during its work, but those rules do not reveal the reasoning in this particular case.
How the Canadian review timeline works
The register records a review start date of March 12, 2026, and a conclusion date of July 9, 2026. These are the dates published for this transaction, not a guaranteed timeline for other deals.
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Under the Bureau’s Merger Review Process Guidelines, a notifiable transaction is subject to an initial 30-day waiting period. If the Bureau issues a supplementary information request (SIR), a second 30-day waiting period begins once the Commissioner has received complete responses from every SIR recipient. The guidelines describe exceptions and other circumstances that can affect timing, so these periods should not be treated as a fixed end-to-end review schedule.
Did Paramount complete the acquisition?
Paramount Skydance said on August 14, 2026, that required regulatory clearances had been satisfied, including clearance in Canada. The company said its eight-month review process covered 68 countries. That figure is Paramount’s account of the process, not a count independently confirmed by the Competition Bureau.
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The Associated Press reported that the acquisition closed on October 6, 2026, describing it as an $81 billion takeover. The closing report came after the Bureau’s July conclusion and Paramount’s August announcement of clearances.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How Canada’s outcome differs from other reviews
Regulators in other countries reached their own assessments under their own laws. Their actions provide context, but they do not explain the Canadian Bureau’s decision.
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| Jurisdiction | Recorded outcome | What it does—and does not—show |
|---|---|---|
| Canada | The Competition Bureau register records a No Action Letter and a conclusion date of July 9, 2026. | The register does not publish the case-specific reasons for the outcome. |
| United States | The DOJ Antitrust Division said its investigation found the deal was not likely to harm competition or American consumers in the markets it discussed. | This is the DOJ’s US assessment, not the Canadian Bureau’s reasoning. |
| United Kingdom | The Competition and Markets Authority says it cleared the anticipated acquisition on August 6, 2026; its case page records the case closed on August 17. | This is a separate UK review, not a finding about Canadian competition. |
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