Paramount Skydance Scrambles to Clear EU Hurdle in $110 Billion Warner Bros Discovery Mega-Deal As Review Deadline Gets Extended

Paramount Skydance Corp (NASDAQ: PSKY ) has reportedly put forth solutions to address the European Union’s competition concerns over its $110 billion acquisition of Warner Bros Discovery (NASDAQ: WBD ).

Paramount has expressed confidence in its proposed solutions, claiming that they “directly and comprehensively address any concerns expressed in the European Commission’s preliminary assessment and support the path for timely clearance”, reported Reuters on Wednesday, citing a regulatory filing.

The European Commission, acting as the EU competition enforcer, has kept the details of the proposed remedies under wraps, in line with its policy.

The decision deadline has been extended from July 7 to July 22 to allow time for the assessment of the proposed remedy.

A previous Reuters report stated that Paramount Skydance is prepared to sell its film distribution joint venture with Universal Pictures, owned by Comcast Corporation (NASDAQ: CMCSA ), to address EU antitrust concerns over its proposed Warner Bros.

Discovery acquisition, aiming to ease competition worries raised by European cinema operators.

Paramount SkyDance and the European Commission did not immediately respond to ‘s request for comments.

Another SEC filing from Paramount on Wednesday stated that the Competition Protection Agency of Kuwait, the Austrian Federal Competition Authority, and the Australian government unconditionally approved the merger.

Read Also: Comcast’s NBCUniversal Spin-Off Increases Potential For Merger With This Telecom Giant Paramount Faces UK Hurdle This development comes after Paramount Skydance’s proposed acquisition hit a regulatory hurdle in the UK on Tuesday.

The UK’s Culture Secretary and the Competition and Markets Authority are conducting independent investigations into the deal, with an August 7 deadline to determine if a phase-two review is required.

British Culture Secretary Lisa Nandy stated that she is "minded to intervene" in the transaction over fears it could weaken domestic media diversity.

However, Paramount told CNN that it remains confident the proposed deal poses no UK media plurality concerns and expects the transaction to proceed on schedule.

Earlier in June, the U.S.

Justice Department had given its approval for the deal, finding no evidence suggesting the merger would substantially reduce competition in the media and entertainment industry.

Paramount welcomed the DOJ’s determination, arguing that the merger would create a stronger competitor in an increasingly crowded entertainment landscape.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published editors.

Image via Shutterstock Read Also: Disney And Apple Almost Merged, Here's Why The Deal Didn't Work