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 closed its antitrust investigation into the proposed $111 billion merger of Paramount and Warner Brothers Discovery, saying that it has found no threat to competition or consumers of film, broadcast television or streaming.

The decision paves the way for a merger of two historic studio rivals — Paramount, owner of CBS, and the much larger Warner, which includes HBO and CNN.

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

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."

This is a breaking news story and will be updated.

NPR's Carrie Johnson contributed to this story.