Paramount proposes concessions to the EU to unlock the purchase of Warner Bros

Illustrative photo shows logos of Paramount and Warner Bros
Reuters
Paramount Skydance Corp submitted corrective measures to the European Union to try to obtain approval for the purchase of Warner Bros. Discovery for US$110 billion.
The proposals, revealed in a regulatory document released this Wednesday (1st), seek to respond to the European Commission's competition concerns.
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Paramount said it was "confident that this corrective measure directly and comprehensively addresses any concerns expressed in the European Commission's preliminary assessment and supports the path to timely approval."
The Commission, which acts as the enforcer of competition rules in the EU, did not provide details on the corrective measures, in line with its policy.
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A person with direct knowledge of the matter told Reuters last week that Paramount would propose an end of its film distribution joint venture with Universal Pictures to ease antitrust concerns expressed by European film exhibitors.
The Commission extended the deadline for its decision from July 7 to July 22 to give it time to evaluate the corrective measure.
The US Department of Justice has approved the deal, but Paramount may face a hurdle as California, New York and other US states are preparing legal action to block it, sources told Reuters.
The United Kingdom said on Tuesday it may intervene in the deal due to the potential impact on news, children's programming and streaming services.

Source: G1