Paramount’s $110 Billion Warner Takeover Investigated by UK (1)

Britain’s merger watchdog has opened a probe into Paramount Skydance Corp.’s $110 billion takeover of Warner Bros. Discovery Inc.

The Competition and Markets Authority set an initial deadline of Aug. 7 to rule on the deal to unite two Hollywood studios behind films from Casablanca and Harry Potter to Mission: Impossible; two major news networks in CNN and CBS; the streaming powerhouse HBO and dozens of cable networks.

While the move was expected, the London-based agency has come under pressure from public-interest groups, unions and film-industry groups to take a tough stance on the takeover.

“The film and ...