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The Justice Department has cleared Paramount ‘s $111 billion megadeal for Warner Bros., a key approval that removes a major regulatory roadblock to completing the merger that will reshape Hollywood.

The acquisition will “increase competition across the media and entertainment ecosystem,” the Justice Department’s Antitrust Division said in an announcement on Friday. The agency found that markets for streaming, linear TV and the development, production or distribution of films for theatrical release will not be harmed.

The decision clears the way for Paramount to become the largest theatrical distributor in the country and own a top five streamer by subscriber count unless the merger is stopped by another entity.

“We are grateful for the Department of Justice’s thorough review of this transaction, as well as the work of the other agencies that have completed their reviews and provided clearance to date,” a Paramount spokesperson said in a statement.…