By Anna Cooban, CNNLondon (CNN) — The British government has cleared Paramount Skydance’s $110 billion takeover of Warner Bros. “We have cleared this deal as it does not raise competition concerns in the UK. The evidence shows that, after the merger, Paramount will continue to face sufficient competition in the various areas it operates in,” the Competition and Markets Authority said in a statement. Under the merger agreement, Paramount must pay WBD shareholders roughly $7 million for every day after September 30 that the deal has not closed. A March trial date means Paramount will owe well over $1 billion in so-called “ticking fees” before the judge ever rules.