Paramount Skydance has won the bidding war for Warner Bros. Discovery, but faces a complicated regulatory approval process from governments across the globe. The Justice Department is currently investigating the merger, which is not unusual for a merger of this size and does not expect the DOJ to sue to block the deal. However, the approval process will likely be lengthy and cumbersome, which could impact how quickly the company can realize synergies and growth opportunities. The company's approval process has been unusual as Paramount filed pre-merger notifications required under the Hart-Scott-Rodino Act before it signed a merger agreement with WBD, a move that has been seen as unusual but legal. The Department of Justice could still sue after the merger closes, but it becomes harder to do so after the deal closes, according to Lee Hepner, senior legal counsel for the American Economic Liberties Project. To address national security risk concerns, Paramount has promised that its foreign partners won't have any voting or governance rights. The deal will need approval from the Committee on Foreign Investment in the US.