Paramount Skydance said Friday that the statutory waiting period under the Hart-Scott-Rodino Act has expired in connection with its proposed $108 billion acquisition of Warner Bros. Discovery. In a regulatory filing, the company said it complied with the Justice Department’s second-request review process, allowing the antitrust clock to lapse.

The expiration means there is no statutory barrier in the United States preventing the transaction from closing at this stage. However, it does not constitute formal approval, and federal regulators retain the authority to challenge the deal if they determine it harms competition.

The bid, backed by Oracle co-founder Larry Ellison, comes as Paramount seeks to outmaneuver Netflix in a high-stakes contest for one of Hollywood’s largest media companies. Warner Bros. Discovery granted Paramount a seven-day window ending Feb. 23 to submit a “best and final offer.”

Netflix is separately facing a Justice Department review of its own $83 billion proposal for Warner Bros. Discovery. Netflix Chief Legal Officer David Hyman said routine HSR milestones do not signal approval and cautioned against interpreting the expiration as clearance.

Paramount said it remains engaged with regulators in the United Kingdom and European Union, where scrutiny is expected to be more extensive. The proposed transaction has also drawn attention from Senate Democrats, including Sens. Cory Booker and Elizabeth Warren, who have raised concerns about competition and requested the preservation of records related to the deal.