Paramount Skydance Corp has offered remedies to address EU competition concerns about its $110 billion acquisition of Warner Bros Discovery. A regulatory filing showed this move was likely to gain European Commission approval for the deal.
The Commission did not provide details of the remedies, in line with its policy. A person familiar with the matter told Reuters that Paramount would propose ditching its film distribution joint venture with Universal Pictures to allay antitrust concerns voiced by European cinema operators.
The Commission extended its deadline for its decision to July 22 from July 7 to give it time to assess the remedy. The US Department of Justice has cleared the deal, but Paramount could face a hurdle as California and other US states are preparing a lawsuit to block it.
Britain said on Tuesday it may intervene in the deal because of the potential impact on news, children’s television, and streaming services.