Australia’s competition watchdog is likely to closely scrutinise two potential media deals – either of which could be the biggest of all time – because of their wide-ranging impact on local and global entertainment industries.

It’s been 10 days since streaming giant Netflix agreed to buy out the famous Hollywood studio Warner Brothers and its sister TV studio HBO on December 5, a move that would add shows such as The Sopranos, Game of Thrones and Succession, alongside movie franchises such as Harry Potter, to its library.

Netflix and Paramount Skydance are vying to take over Warner Bros. Both deals could have regulatory issues.Credit: Bloomberg

But the $108 billion deal has a long way to go before it’s finalised, with not only a rival hostile $163 billion bid from new Paramount owner David Ellison in the way, but also a political battle to get Donald Trump on side. Regulatory approval is required from the US president himself.

Locally, the ACCC, Australia’s competition regulator, says it is keeping tabs on media reports surrounding both companies’ attempts to buy Warner Brothers’ Discovery film and television studios and streaming service HBO Max.

“If the parties intend to proceed with a proposed acquisition, it is likely to require notification under the ACCC’s new mandatory merger regime. Details of any review would be posted on the ACCC’s acquisitions register,” the regulator says. The........

© The Sydney Morning Herald