Paramount Skydance Corp (PSKY) is pushing to complete the Justice Department's antitrust review of its offer to acquire shares in Warner Bros. Discovery (WBD) within the coming weeks, according to informed sources. The company has been submitting information requested by the government. Completing this step will trigger a mandatory 10-day waiting period, during which the Justice Department must decide whether to challenge Paramount's proposal on competition grounds. Securing early regulatory approval is a key strategy for Paramount to thwart Netflix's (NFLX) plan to acquire Warner Bros.' studio and streaming assets. If Paramount can announce that a major regulatory hurdle has been cleared, it will subsequently attempt to persuade Warner Bros. Discovery's shareholders to vote against the Netflix transaction. Warner Bros. Discovery agreed in December to sell its studio and streaming businesses to Netflix for $82.7 billion, opting for that offer over a competing bid from Paramount. A shareholder vote on the Netflix proposal is planned before April. Paramount has been trying to undermine the appeal of the Netflix deal by appealing directly to shareholders and lobbying regulators. The Justice Department could potentially sue to block Netflix's acquisition, which would increase Paramount's chances of winning Warner Bros. Discovery without needing to raise its all-cash offer of $30 per share. A spokesperson for Netflix stated that the company believes Paramount will "self-certify" compliance with federal regulations. The spokesperson added, "We remain focused on the value created by Netflix and Warner Bros. together." The Justice Department is conducting an in-depth review of both the Netflix and Paramount offers. Key Hollywood stakeholders, including talent agencies, have received information requests from federal officials, according to people familiar with the contacts. Approval from the Justice Department would not mean Paramount's path is entirely clear. If Paramount alters key terms, such as the price, or if it eventually signs a merger agreement with Warner Bros. Discovery, its proposal might need to be resubmitted for antitrust review. Shareholders of Warner Bros. Discovery are anticipating that Paramount might increase its offer. Both Paramount and Netflix also face ongoing scrutiny from regulators in the European Union and the United Kingdom, as well as investigations by U.S. state attorneys general. So far, Paramount has refused to increase its total acquisition bid of $108 billion for all of Warner Bros. Discovery, insisting that its proposal is superior to Netflix's and more likely to gain regulatory approval. Paramount CEO David Ellison has argued that a combination of Netflix, HBO, and Warner Bros. would make the world's largest paid streaming company even more dominant. The Netflix deal has already faced criticism, including bipartisan opposition during a Senate hearing on February 3rd. Warner Bros. Discovery and Netflix have expressed confidence in securing regulatory support for their deal and believe Paramount's proposal would be more detrimental to Hollywood. Nonetheless, they acknowledge that the Justice Department's review could extend into the later part of this year.