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The European Commission granted antitrust clearance for Paramount Skydance's bid for Warner Bros. Discovery under few conditions.
As reported, Paramount Skydance Corp. on Wednesday secured European Union antitrust approval for its $110 billion acquisition of Warner Bros. Discovery after agreeing to end a film distribution joint venture with Universal Pictures.
The approval is subject to remedies aimed at maintaining competition in theatrical film distribution across European markets.
Under the new conditions, Warner Bros. theatrical releases cannot be included in Paramount’s joint distribution arrangements with Universal or Disney.
According to Reuters, the European Commission, the EU’s competition regulator, said Paramount must exit United International Pictures UIP, its European theatrical distribution joint venture with Comcast’s Universal Pictures, within 13 months of the deal’s completion.
The deal prospered after Paramount agreed not to enter into any film distribution agreements with Universal in Europe for 10 years.
While the U.S. Department of Justice cleared the acquisition, a coalition of 12 state attorneys general led by California secured a temporary court order pausing the merger pending further review.
Beyond the conditions imposed, another hurdle remains in the UK, where competition authorities are also reviewing the deal over potential impacts on streaming, children's television and news services.
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