Getty Images Share on Facebook Share on X Google Preferred Share to Flipboard Show additional share options Share on LinkedIn Share on Pinterest Share on Reddit Share on Tumblr Share on Whats App Send an Email Print the Article Post a Comment Logo text As Paramount insists its offer for Warner Bros. Discovery presents less regulatory roadblocks, the Justice Department is taking a comprehensive look at David Ellison's hostile tender bid. Warner Bros. Discovery said in a securities filing on Wednesday that regulators on Dec. 23 expanded their review of the offer after opening it earlier last month. The investigation, though largely expected, signals that the government may challenge an acquisition of the company regardless of who emerges as the winner, running up against Paramount's position that it offers a more certain pathway to approval. At the very least, it could provide fodder for David Zaslav to stick with Netflix, which has agreed to buy the studio behind DC Comics, Harry Potter and Lord of the Rings in a $82.7 billion megadeal. Related Stories TV 'His & Hers' Review: Tessa Thompson and Jon Bernthal Generate Minimal Heat in Netflix's Disappointing Mystery Movies Guillermo del Toro to Return to Sundance Film Festival for Restored Screening of Debut 'Cronos' The Justice Department's antitrust division has "issued requests for additional information or documentary material relevant to the offer," Warner Bros. Discovery said in a regulatory filing. On Thursday, Paramount reiterated that it is standing by the $30 per share tender offer, saying its all-cash bid remains "superior" to Netlfix's for various reasons, including a "more certain, expedited path to completion." The Warner Bros. Discovery board has officially rejected the offer, which includes a personal guarantee from Oracle founder Larry Ellison, the father of David Ellison. Paramount's next move may be to try and convince a majority of shareholders to tender their shares. Warner Bros. Discovery and Paramount didn't immediately respond to requests for comment. Under reporting requirements to antitrust enforcers, companies are obligated to provide notice of large mergers, including hostile bids. The agencies may follow up with what's called a "second request" when more information is needed to decide whether they'll challenge the deal. In many instances, it indicates serious competition concerns and is a precursor to a merger challenge. As part of the review, Warner Bros. Discovery will turn over documents and data about the company's services, market conditions and the competitive effects of the merger, if completed. Interviews with company personnel and industry experts may also be involved. Both sides of the deal present challenges. A merger with Netflix would give the company more than 30 percent of the streaming market according to some measures, a key threshold traditionally viewed as problematic under antitrust law. There's credibility to Ellison's insistence that a Paramount deal is less murky, though such a merger would combine two of the five largest movie studios, not to mention competition considerations involving their news divisions. "Americans don't like these mergers. They don't want a few giant companies controlling what they see and what they hear," Rep. Becca Balint (D-Vt.) said at a House Judiciary Committee on Wednesday. "We want choices, more choices. When these companies merge, things get better for the people at the top over and over again and worse for the rest of us." THR Newsletters Sign up for THR news straight to your inbox every day Subscribe Sign Up Disney Jimmy Zasowski Upped to President of Platform Distribution for Disney Entertainment and ESPN Seven Letter Hollywood PR Veteran Brandon Shaw Joins Firm to Launch L.A. Office Heat Vision How the Sphere Morphed Into an Interactive Lego Death Star Los Angeles Wildfires One Year After L.A.'s Fires, a Grassroots Effort Mobilizes to Keep Film and TV Projects In the City Warner Bros. Discovery Paramount Stands By $30 Per Share Offer for Warner Bros. Discovery Despite Rejections Marty Supreme Andrea Scarso Named Managing Partner at 'Marty Supreme' Backer IPR.VC Disney Jimmy Zasowski Upped to President of Platform Distribution for Disney Entertainment and ESPN Seven Letter Hollywood PR Veteran Brandon Shaw Joins Firm to Launch L.A. Office Heat Vision How the Sphere Morphed Into an Interactive Lego Death Star Los Angeles Wildfires One Year After L.A.'s Fires, a Grassroots Effort Mobilizes to Keep Film and TV Projects In the City Warner Bros. Discovery Paramount Stands By $30 Per Share Offer for Warner Bros. Discovery Despite Rejections Marty Supreme Andrea Scarso Named Managing Partner at 'Marty Supreme' Backer IPR.VC