LONDON, U.K.: Britain is considering intervening in Paramount Skydance Corp's proposed US$110 billion takeover of Warner Bros Discovery, a move that could delay one of the biggest media deals in recent years despite approvals from several major jurisdictions.

The UK government said on June 30 the transaction could be referred to the country's antitrust regulator, raising the prospect of a lengthy review even after the deal received clearance from the United States, China, Australia, Germany, France and Saudi Arabia.

Culture Secretary Lisa Nandy said the merger could affect news and streaming services in Britain and gave the companies until July 6 to respond to the government's concerns. "I am mindful of the need to reach a final decision promptly, and I will endeavor to do so as appropriate," she said.

The UK's Competition and Markets Authority is already reviewing the transaction and is due to decide by August 7 whether to launch a more detailed investigation.

The European Union is also assessing the merger, with Paramount expected to offer remedies this week to address competition concerns and secure approval.

Any prolonged delay in Britain could have financial consequences for the companies. Under the merger agreement, Paramount has agreed to pay Warner Bros Discovery shareholders a "ticking fee" of 25 cents per share for every quarter the deal remains incomplete after Sept. 30, amounting to roughly $650 million in cash each quarter.

Paramount said it believes the transaction does not raise media plurality concerns and remains confident it will meet its expected timeline. Warner Bros Discovery did not immediately comment.

The UK government's review focuses in part on Paramount's ownership of the free-to-air broadcaster Channel 5 and Warner's ownership of CNN International. Other businesses that could be affected include Paramount+, HBO Max, TNT Sports, Cartoon Network and Nickelodeon.

After receiving responses from the companies, Nandy will decide whether to issue a formal public interest intervention notice. If that happens, both Ofcom and the Competition and Markets Authority would conduct further reviews before the government decides whether to approve the deal or refer it for a full investigation, a process that could last up to 24 weeks.

If regulators identify concerns, the companies could seek approval by offering remedies such as divestments or commitments to protect editorial independence.