The U.S. Department of Justice has concluded its antitrust review of Paramount Skydance Corp.'s proposed $110 billion acquisition of Warner Bros. Discovery, stating that the deal is "unlikely" to harm consumers or competition within the film and television industry.

The federal antitrust agency announced on Friday that it will not require any modifications to the transaction, which regulators had been examining for approximately eight months.

"These investigative efforts all reached the same conclusion: the film and television industry is highly dynamic, and the proposed transaction is unlikely to substantially lessen competition or harm U.S. consumers," the Justice Department stated.

A group of state attorneys general, led by California, had also been investigating the deal, which would merge two of Hollywood's five major film studios. Previous media reports indicated that these states were preparing to file a lawsuit to block the merger.

The Justice Department's approval was widely anticipated.

Paramount welcomed the department's decision.

"This transaction is pro-competitive, creating a stronger company that allows us to compete more effectively against dominant technology platforms in an industry with intensifying competition for audiences, talent, technology, and investment," the company said in a statement.