Paramount offers remedies for Warner deal, making EU approval likely
- Paramount would propose ditching its film distribution joint venture with Universal Pictures
BRUSSELS: Paramount Skydance Corp has offered remedies to address EU competition concerns about its $110 billion acquisition of Warner Bros Discovery, a regulatory filing showed on Wednesday, in a move which a source told Reuters last week was likely to gain European Commission approval for the deal.
Paramount said it was “confident that this remedy directly and comprehensively addresses any concerns expressed in the European Commission’s preliminary assessment and support the path for timely clearance”.
The Commission, which acts as EU competition enforcer, did not provide details of the remedies, in line with its policy.
A person with direct knowledge of the matter told Reuters last week that Paramount would propose ditching its film distribution joint venture with Universal Pictures to allay antitrust concerns voiced by European cinema operators.
US clears Paramount’s $111bn Warner Bros. takeover
The Commission extended its deadline for its decision to July 22 from July 7 to give it time to assess the remedy.
The U.S. Department of Justice has cleared the deal but Paramount could face a hurdle as California, New York and other U.S. states are preparing a lawsuit to block it, sources have told Reuters.
Britain said on Tuesday it may intervene in the deal because of the potential impact on news, children’s television and streaming services.