The main gate to Paramount Studios is seen on Melrose Avenue, July 8, 2015, in Los Angeles. Nick Ut/AP hide caption

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Nick Ut/AP

The Justice Department on Friday approved Paramount's proposed $111 billion takeover of Warner Bros. Discovery.

After concluding its antitrust investigation into the pending merger, the department said in a statement that it found that the deal posed no threat to competition or consumers of film, broadcast television or streaming.

The decision clears the way for a merger of two rival Hollywood studio titans: Paramount, the owner of CBS, including CBS News, will swallow the much larger Warner, which includes HBO and CNN.

The DOJ''s Antitrust Division concluded that a union of two studio giants isn't anti-competitive because the streaming market has expanded the competition for conventional Hollywood studios, which includes Netflix, Apple and Amazon, as well as smaller streamers. The Justice Department's view is that, for the same reason, consumers won't lose out because there are plenty of other places to get entertainment.

Several states, including California, have raised antitrust concerns. The European Union is investigating as well.

California Attorney General Rob Bonta, who has been investigating the deal for antitrust violations, said in a post on social media following the Justice Department's approval: "The merger of Warner Bros and Paramount is not a done deal and remains under investigation by my office."

In a statement following the decision, Paramount described the deal as "pro-competitive," and would result in "a stronger company better positioned to compete against dominant technology platforms in an industry increasingly defined by intense competition for audiences, talent, technology, and investment."

The company said it planned to complete the merger as soon as possible, "delivering its benefits to consumers, creators, and the entertainment industry as a whole."

The consolidation will put media mogul David Ellison — son of Oracle co-founder Larry Ellison — at the helm of Warner Bros. studio as well as its cable and streaming properties, including CNN and HBO. The Ellison family took over Paramount and CBS last summer.

In the months leading up to the regulatory approval, critics in Hollywood feared the deal would consolidate an already concentrated media landscape and lead to fewer jobs and less creative content.

In April, thousands of directors, actors, writers and other industry talent — including Kristen Stewart, Pedro Pascal and Javier Bardem — signed an open letter opposing the merger.

The elder Ellison is also a financial backer and adviser to President Trump on artificial intelligence. Critics of recent changes at CBS under the Ellisons' control are concerned that, as they say has happened with CBS News, the acquisition would make CNN more friendly to Trump.

NPR's Carrie Johnson and Mandalit del Barco contributed to this story.