Paramount offers concessions to address EU concerns over Warner Bros. Discovery acquisition
Paramount has submitted remedial pledges to the European Commission in hopes of securing approval for its $111 billion purchase of Warner Bros. Discovery, with a decision now expected by July 22.
Paramount Pictures has filed a set of concessions with the European Commission aimed at alleviating antitrust concerns surrounding its proposed $111 billion acquisition of Warner Bros. Discovery. The regulator confirmed receipt of the pledges but did not disclose their details, citing policy on confidentiality. A provisional deadline for the Commission’s decision has been moved to July 22, later than the earlier July 7 target.
In a statement, Paramount said it was "confident that this remedy directly and comprehensively addresses any concerns expressed in the European Commission’s preliminary assessment and supports the path for timely clearance." The company has not revealed the specific measures it is offering.
The move follows earlier reports that Paramount might exit the United International Pictures (UIP) joint venture to ease competition worries among European theater operators. In the United Kingdom, Culture Minister Louise Nandy indicated she may intervene to assess whether the merger serves the interests of UK audiences on plurality grounds. She has written to both Paramount and Warner Bros. Discovery outlining her position, while the Competition and Markets Authority continues its separate investigation, the findings of which will inform the minister’s review.