The European Union announced on the 22nd local time that it has conditionally approved Paramount's acquisition of Warner Bros.
The European Commission stated it has approved the proposed acquisition of Warner Bros. Discovery by Paramount Skydance under the EU Merger Regulation. This approval is contingent upon Paramount fully complying with the commitments it has made.
The Commission investigated the transaction's impact on markets within the European Economic Area (EEA). It concluded that at the level of film production, there remain a sufficient number of film studios within the EEA to maintain competitive conditions.
The acquisition of Warner Bros. Discovery by Paramount Skydance requires approvals from multiple jurisdictions including the United States, the European Union, and the United Kingdom. Paramount indicated on July 1st that it had submitted antitrust remedies to the European Commission to facilitate approval for its $111 billion deal to acquire Warner Bros. Discovery.
Previously, the Antitrust Division of the U.S. Department of Justice had completed its review of the acquisition and approved it. On the 13th of this month, a coalition of 12 U.S. states, led by California, filed a lawsuit in the U.S. District Court for the Northern District of California in an attempt to block Paramount Skydance's acquisition of Warner Bros. Discovery. A U.S. judge ordered Paramount Skydance to temporarily halt its acquisition of Warner Bros. for two weeks, as reported on the 20th local time.
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