Paramount Skydance Corp received European Union antitrust approval for its $110 billion acquisition of Warner Bros Discovery on July 23, 2026, after agreeing to end a film distribution joint venture with Universal Pictures in Europe. The European Commission cleared the deal following Paramount's commitments to address competition concerns.
The European Commission required Paramount Skydance to terminate the United International Pictures joint venture in Europe within 13 months of closing the acquisition. Paramount also agreed not to enter any film distribution agreements with Universal Pictures in Europe for 10 years and to avoid transferring Warner Bros' film distribution in theatres to its own distributor, according to livemint.com.
This approval is a key step for Paramount in completing one of the largest media mergers, valued at $110 billion. The deal combines two major content producers and distributors, potentially reshaping the global entertainment landscape. The European Commission's conditions aim to preserve competition in film distribution, a critical market segment. The deal still requires clearance from U.S. regulators, which remains a significant hurdle.
Paramount Skydance must comply with the European Commission's conditions within 13 months of closing the deal. The company awaits U.S. regulatory decisions, which will determine the finalization timeline of the acquisition, according to livemint.com.