WASHINGTON, June 12 (Reuters) - The U.S. Justice Department's antitrust division said it has approved a planned $110 billion deal in which Paramount Skydance Corp. will acquire Warner Bros. Discovery, saying it is unlikely to harm competition or consumers.

The Justice Department said it spent eight months assessing how the deal would affect video streaming services, traditional television, and the film industry, taking views from across the entertainment sector.

"The comprehensive investigation records reviewed by the division indicate that the deal will increase competition across the media and entertainment ecosystem, with benefits for American consumers and workers," the Justice Department wrote in a statement Friday.

Larry Ellison, the father of Paramount CEO David Ellison, had cultivated ties with U.S. President Donald Trump, and the company had hired former U.S. administration officials.

Paramount issued a statement thanking the Justice Department for reviewing the deal, which it said would allow the company to compete better in a highly competitive sector.

Paramount added, "We will continue to focus on completing the deal as soon as possible so that consumers, creators, and the entertainment industry as a whole can benefit."