With conditions... 'European' gives green light to 'Paramount' acquiring 'Warner' for $110 billion

The European Union approved on Wednesday the acquisition of Warner Bros. Discovery by Paramount Skydance in a deal valued at $110 billion, following the company’s agreement to terminate a joint film distribution venture with Universal Pictures.

The European Commission, the EU body responsible for enforcing competition rules, said in a statement that Paramount Skydance’s commitment to wind down the joint United International Pictures venture in Europe within 13 months of the deal’s completion addressed competition concerns.

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It added that the company will not enter into any film distribution agreements with Universal in Europe for 10 years, nor will it transfer the distribution of Warner Bros. films in cinemas to a distributor under its control.

It confirmed that these commitments fully address the competition concerns identified, by ensuring that the merged entity will not jointly distribute its films with those of Universal or Disney.