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What happens after the press release.

An independent tracker for the mergers everyone is watching. We follow each deal through antitrust review, conditions, and the outcomes nobody is writing about yet.

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Deals tracked
6
Combined value
$106B+
In active review
5

The board

Deals we are tracking

In review $77.9B

Paramount x WBD

Announced

The $77.9B media merger, cleared at home but still under EU, UK, and CFIUS review.

DOJ / FCC CFIUS EU EUMR EU FSR UK CMA State AGs Congress Labor / Unions Australia / ACCC Shareholders
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In progress 2 companies

Comcast Split

Announced

Comcast's tax-free spinoff splitting cable broadband from NBCUniversal and Sky into two public companies.

Phase 1, Versant Spinoff Phase 2, Main Split Phase 3, Completion Leadership Tax Structure Market Reaction
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In review $22B

Fox x Roku

Announced

Fox's $22B move for Roku, now framed by the DOJ as a CTV advertising concentration case.

DOJ / HSR International Antitrust FCC Shareholder Vote Platform Neutrality Ad Market Concentration Business Deal
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In review $2.5B

Publicis x LiveRamp

Announced

Publicis buys LiveRamp for $2.5B, drawing a rare CFIUS data review and rival holding company opposition.

DOJ / HSR CFIUS Foreign Antitrust Shareholder Vote Data / Privacy Competitive Response Business Deal
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Pending ~$1.4B

Walmart x Vibe.co

Announced

Walmart's roughly $1.4B deal for Paris-based Vibe.co, extending Walmart Connect into self-serve CTV.

DOJ / HSR FTC EU / UK / CFIUS Business Deal
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Closed $2.3B

Walmart x Vizio

Announced

Walmart's completed $2.3B Vizio acquisition, cleared by the FTC and closed in December 2024.

FTC DOJ / HSR Business Deal Congress EU / CFIUS
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Latest signals

Most recent across all deals

  1. Comcast Split

    Comcast shares rise; Roberts says split is not a prelude to M&A

    Reuters

  2. Comcast Split

    Mike Cavanagh to lead NBCUniversal; Michael Angelakis to lead Comcast

    Company PR

  3. Comcast Split

    Comcast announces split into two public companies via tax-free spinoff

    Company PR

  4. Publicis x LiveRamp

    DOJ signals focus on identity stack concentration across Epsilon, Lotame, LiveRamp

    Bloomberg Law

  5. Walmart x Vibe.co

    Coverage frames a full CTV ad stack thesis

    Industry Press

Deal Digest

Full regulatory status, every deal

A plain-text record of where each tracked transaction stands across its regulatory, legal, and business deal tracks.

Paramount x Warner Bros. Discovery

In review $77.9B Announced

The $77.9B media merger, cleared at home but still under EU, UK, and CFIUS review.

DOJ / FCC Cleared
US antitrust and broadcast transfer. Paramount cleared US antitrust review without conditions. The FCC transfer review of WBD broadcast and cable assets was resolved.
CFIUS Under review
Foreign investment review. Committee on Foreign Investment review of foreign capital in the combined entity. No public timeline; an outcome can attach mitigation terms. Key date around July 30, 2026.
EU EUMR Under review
European Commission merger review. European Commission merger review. Limited EU broadcast overlap, but content licensing and streaming distribution are under examination, with a Phase 1 deadline of August 15, 2026.
EU FSR Phase 1
Foreign Subsidies Regulation. Foreign Subsidies Regulation screening of non-EU financial contributions supporting the transaction. Phase 1 deadline of July 14, 2026.
UK CMA Phase 1
Competition and Markets Authority. Competition and Markets Authority Phase 1 investigation underway. The outcome determines whether the deal faces in-depth Phase 2 scrutiny, with a deadline of July 21, 2026.
State AGs Investigating
State attorney general activity. California AG active on Hollywood job preservation and in-state production commitments. Other state attorneys general are coordinating.
Congress Hearings scheduled
Legislative oversight. Congressional hearings scheduled on media consolidation and newsroom independence. Oversight pressure rather than a formal approval gate.
Labor / Unions Opposition filed
Workforce and production. Teamsters formally asked the DOJ to block the deal. SAG-AFTRA and WGA are monitoring job preservation and production commitments. The most organized resistance the deal faces.
Australia / ACCC Monitoring
Local market effects. Australian Competition and Consumer Commission monitoring local content and streaming market effects. No formal review opened yet.
Shareholders Cleared
Deal structure and votes. Paramount-Skydance and WBD structure confirmed. Shareholder votes passed and the combined entity is confirmed on the business side.

Comcast / NBCUniversal Split

In progress 2 companies Announced

Comcast's tax-free spinoff splitting cable broadband from NBCUniversal and Sky into two public companies.

Phase 1, Versant Spinoff Complete
Cable networks separation. Comcast separated its cable networks into a standalone public company, Versant Media, completed January 2026. Versant holds CNBC, MS NOW (formerly MSNBC), USA Network, Syfy, E!, Golf Channel, Oxygen, Fandango, and Rotten Tomatoes.
Phase 2, Main Split Announced
Two public companies. Announced June 29, 2026. Comcast will separate into two independent publicly traded companies through a tax-free spinoff. One company keeps the Comcast name with cable broadband, wireless, and business services. The other is NBCUniversal plus Sky, holding Universal film and TV studios, the Universal theme parks, NBC, Telemundo, Peacock, Bravo, and Sky.
Phase 3, Completion Expected 2027
Separation completion. The separation is expected to finish around mid 2027, within about a year. Comcast will retain up to a 19.9 percent stake in NBCUniversal for up to one year after completion, which it intends to monetize over time.
Leadership Named
New chief executives. Mike Cavanagh will lead NBCUniversal as CEO. Michael Angelakis, the former Comcast CFO, will lead the Comcast company as CEO. Brian Roberts stays actively involved in both companies.
Tax Structure Tax-free
Spinoff structure. The separation is structured as a tax-free spinoff of NBCUniversal and Sky to shareholders rather than a sale, which preserves value for existing holders.
Market Reaction Shares up
Investor response. Comcast shares rose in premarket trading on the announcement. On the investor call, Brian Roberts said the move is absolutely not a prelude to M&A.

Fox x Roku

In review $22B Announced

Fox's $22B move for Roku, now framed by the DOJ as a CTV advertising concentration case.

DOJ / HSR Active
Hart-Scott-Rodino antitrust filing. HSR waiting period triggered on announcement June 15, 2026. Fox agreed in merger agreement to divest Roku assets if required. Both companies expect thorough review given advertising market concentration concerns.
International Antitrust Pending
Non-US regulatory approvals. Fox and Roku must clear regulatory approvals in multiple international jurisdictions. Roku operates in Canada, Mexico, and select European markets. Timeline dependent on DOJ outcome.
FCC Pending
Broadcast license review. Fox holds broadcast licenses subject to FCC review for ownership changes. Standard process but adds a parallel timeline to DOJ clearance.
Shareholder Vote Pending
Fox Class B and Roku votes. Roku founder Anthony Wood controls majority of Roku voting power and signed voting support agreement in favor. Fox Class B shareholder vote on stock issuance required. Lower execution risk given Wood's commitment.
Platform Neutrality Watch
Open platform commitments. Fox and Roku pre-committed to keeping Roku an open partner-friendly platform. Netflix, Disney+, Max, and other apps depend on Roku distribution. DOJ will monitor whether commitments are honored and whether Fox advantages Tubi or Fox One at OS level.
Ad Market Concentration Watch
CTV advertising stack review. Combined Fox plus Roku controls 44% of US CTV OS viewing hours and two of the three largest FAST services. DOJ may frame review as an advertising market concentration case rather than a content case. This path creates longer review and possible behavioral conditions.
Business Deal Cleared
Structure and financing. Deal unanimously approved by both boards June 15, 2026. Fox pays $96 cash plus 0.9693 FOXA shares per Roku share. Fox secured $12 billion loan for cash portion. Expected close H1 2027. Post-close Fox shareholders own 73%, Roku shareholders 27%.

Publicis x LiveRamp

In review $2.5B Announced

Publicis buys LiveRamp for $2.5B, drawing a rare CFIUS data review and rival holding company opposition.

DOJ / HSR Active
Hart-Scott-Rodino antitrust filing. HSR filing required and pending. Publicis recently settled FTC collusion allegations involving agency holding companies. That active regulatory attention on Publicis specifically is live context during HSR review and could extend timeline.
CFIUS Active
Committee on Foreign Investment in the US. CFIUS review triggered by LiveRamp's cross-border consumer behavioral data flows. Not standard for ad tech deals. Signals Treasury Department flagged national security considerations around foreign access to US consumer data at scale. No public timeline for CFIUS outcomes.
Foreign Antitrust Pending
14 international market filings. LiveRamp operates across 14 markets. Antitrust filings required in relevant jurisdictions. EU, UK, and Canada most likely to require substantive review given size of LiveRamp's publisher and data partner footprints in those markets.
Shareholder Vote Pending
Two-thirds threshold required. LiveRamp shareholder vote requires two-thirds approval, higher than standard simple majority. Top 10 customers represent 30% of revenue. If institutional holders or key customers signal concern about neutrality post-close, vote execution risk rises. Termination fee is $32.35M, low relative to deal size.
Data / Privacy Watch
Consumer data governance review. LiveRamp's RampID is embedded across 25,000 publisher domains and 500 tech partners. Publicis committed to three neutrality conditions: no service restrictions, no pricing changes, no access limits for rival agencies. Regulators and competitors will monitor whether these commitments erode post-close, as occurred with the Google DoubleClick integration.
Competitive Response Watch
Rival holding company actions. Omnicom, WPP, and IPG are all expected to file regulatory comments. Madison and Wall flagged rivals must now decide whether to partner, build, or acquire. M&A activity in identity resolution and clean room space expected to accelerate, which may surface additional regulatory scrutiny of the broader sector.
Business Deal Cleared
Structure and integration plan. All-cash deal at $38.50 per share signed May 17, 2026. Both boards approved unanimously. LiveRamp to operate as independent business within Publicis Technology segment, separate reporting line from Epsilon. Scott Howe stays as CEO. Close targeted year-end 2026. Publicis funded with cash on hand and debt, maintains BBB+ credit rating.

Walmart x Vibe.co

Pending ~$1.4B Announced

Walmart's roughly $1.4B deal for Paris-based Vibe.co, extending Walmart Connect into self-serve CTV.

DOJ / HSR Pending
Hart-Scott-Rodino antitrust filing. HSR waiting period is active following the June 23, 2026 announcement. Walmart and Vibe.co expect the standard review window with no second request anticipated given the relatively small deal size. Clearance is the primary gating item before close.
FTC Monitoring
Antitrust market monitoring. No formal FTC action has been opened. Given Walmart's existing Vizio ownership and growing Walmart Connect ad stack, regulators are expected to monitor the CTV advertising angle, but no second request or in-depth review has been signaled.
EU / UK / CFIUS N/A
International and foreign investment review. No international regulatory filings have been disclosed. Vibe.co is Paris-based, but the parties have not announced EU, UK, or CFIUS notifications. Treated as not applicable unless a filing surfaces.
Business Deal Announced
Structure and financing. Walmart agreed to acquire Vibe.co, a Paris-based self-serve CTV advertising platform, to expand Walmart Connect's SMB and mid-market capabilities. WSJ reported a value near $1.4B; the price was not officially disclosed. Close is expected by the end of Walmart fiscal year 2027.

Walmart x Vizio

Closed $2.3B Announced

Walmart's completed $2.3B Vizio acquisition, cleared by the FTC and closed in December 2024.

FTC Cleared
Full antitrust review. The FTC conducted a full antitrust review and issued a Second Request for additional information. After an extended review through late 2024, the waiting period expired and the deal cleared without conditions.
DOJ / HSR Cleared
Hart-Scott-Rodino antitrust filing. Initial HSR filings were submitted in February 2024, then voluntarily withdrawn and refiled in March 2024 to reset the waiting period. The antitrust review concluded with clearance and no required divestitures.
Business Deal Closed
Structure and financing. Walmart acquired smart TV maker Vizio and its SmartCast operating system for $2.3B to bolster Walmart Connect. The deal was announced February 20, 2024 and closed December 3, 2024.
Congress No action
Legislative attention. No formal congressional action was taken against the transaction. Public-interest groups raised concerns, but the review remained an FTC antitrust matter rather than a legislative one.
EU / CFIUS N/A
International and foreign investment review. The transaction was reviewed as a US antitrust matter. No EU or CFIUS filings were disclosed, and the review concluded domestically.