EU Clears Paramount-Warner Merger With Remedies

The European Commission approved Paramount’s $111 billion takeover of Warner Bros. Discovery, but only after remedies such as Paramount exiting its international distribution deal with Universal Pictures. The EU found competition remains in film production and streaming, though there will be higher concentration in UIP’s distribution in the EEA. The approval comes amid U.S. antitrust challenges, including a temporary restraining order and state lawsuits seeking injunctions. Conditions include unwinding Paramount’s UIP stake within 13 months and a decade-long set of restraints prohibiting certain co-distribution arrangements with Universal or Disney in UIP markets. Compliance will be overseen by an independent trustee; the UK/US regulatory outlook remains unresolved.